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.