Parallel Capital Partners Completes Major Renovations, Lease Transactions at The Ranch at Seal Beach
Newly Renamed Seal Beach Office Complex Now Nearly 97 Percent Leased.
- (1888PressRelease) October 25, 2017 - SAN DIEGO -Following the completion of more than $1.2 million in renovations at the newly renamed The Ranch at Seal Beach office complex, San Diego-based real estate investment firm Parallel Capital Partners today announced it has leased more than 50,000 square feet in the newly refurbished Class A office park.
According to Matt Root, CEO of Parallel Capital Partners, Parallel acquired the complex – previously known as Bixby Office Park – in 2013 for $85 million and soon after embarked on a comprehensive repositioning program developing a new logo, name and signage for the three-building property. Parallel has now completed all planned capital improvements – incorporating extensive lobby, signage and elevator upgrades. Improvements also include major landscaping upgrades and five new charging stations for hybrid and electrical vehicles.
Since Parallel took over, the 297,410-square-foot property has attracted multiple high profile tenants – among them UBS, Keller Williams, Wells Fargo and KPMG – with the most recent lease transactions including:
· AMIP leased 8,023 square feet of new office space for 84 months
· Whittaker & Co. expanded its office space by 7,004 square feet for 84 months
· Merrill Lynch renewed 8,238 square feet of space for 65 months
· Kobe Steakhouse & Lounge renewed 9,000 square feet for 60 months
· PERL Mortgage leased 4,181 square feet for 39 months
· Keller Williams expanded its space by 14,239 square feet for 84 months
With these latest transactions, the 16-acre complex is now 97 percent leased. George Thompson and James Estrada of Newmark, Knight Frank represented Parallel in all the transactions.
The general contractor for the renovations was Newport Beach-based Advanced Builders Inc, with Orange-based JB3D spearheading all new signage and Terra Pacific in Santa Ana overseeing all landscaping.
“Incorporated in 1915 and originally part of Rancho Los Alamitos – a Mexican land grant – the Seal Beach community has a rich and diverse history,” Root explained. “Our goal was to reposition and rename this property to capture the spirit and history of the close-knit Seal Beach community.”
Built in 1987, The Ranch at Seal Beach is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway in Seal Beach, Calif., 90740.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.
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