NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Bixby Land Company, a Newport Beach-based investor, has recently sold The Oberlin, a 62,424 square foot creative office building located at 5889, 5893 and 5897 Oberlin Drive in San Diego, CA.
The building was sold to CPF Oberlin Associates, LLC, a subsidiary of Crown Realty & Development, Inc., for a purchase price of $20.4 million.
Bixby Land Company purchased the building in September 2014 and completed an extensive redesign of the project to create a contemporary work environment to support today’s innovative companies. The redesign included outdoor gathering and work spaces, a fitness area and updated interior and exterior finishes.
At the time of the sale to CPF Oberlin Associates, LLC, the project was 66% leased to Verimatrix, Bravo Sports and Digital Addix.
Bob Prendergast and Lynn LaChappelle of Jones Lang LaSalle represented both the buyer, Crown Realty and Bixby Land Company.
About Bixby Land Company
Bixby Land Company is a leading commercial real estate operator and investment manager with a portfolio of industrial, office and R&D properties of approximately $1 billion. The company invests in core industrial properties and develops office and R&D properties, all in select Western U.S. markets. For 120 years, Bixby Land Company has been committed to adding value for its investors and shareholders. To learn more, visit www.bixbyland.com.
