Parallel Capital Partners Completes $48.5 Million in Refinancing And Major Lease Transactions at The Ranch at Seal Beach

    SAN DIEGO, CA, September 28, 2016 /24-7PressRelease/ -- San Diego-based real estate investment firm Parallel Capital Partners today announced it has secured $48.5 million from Pacific Western Bank to refinance The Ranch at Seal Beach, as well as completed lease transactions at the property valued in excess of $20 million.

According to Matt Root, CEO of Parallel Capital Partners, Parallel acquired the Class A office complex - previously known as Bixby Office Park - in 2013 for $85 million and soon after embarked on a rebranding and repositioning program, developing a new logo, name and signage for the three-building property. Parallel oversaw $1.5 million in capital improvements incorporating extensive lobby, signage and elevator upgrades.

Since Parallel took over, the 297,410-square-foot property has attracted multiple high profile tenants - inking deals with KPMG, Keller Williams, UBS Financial Services, Wells Fargo and Finance of America Mortgage and collectively leasing nearly 75,000 square feet of new and existing space. Lease transactions include:

· KPMG leased 20,066 square feet of new office space for 127 months

· UBS leased 10,628 square feet of new space for 125 months

· Wells Fargo renewed its 15,590-square-foot lease until 2022

· Keller Williams leased 10,628 square feet of new office space for 90 months

· Finance of America Mortgage relocated and expanded to 14,039 square feet for 78 months

Root said that with these latest transactions, the nearly 16-acre complex is now 93 percent leased. George Thomson and James Estrada of JLL represented Parallel in the transactions.

"We are not surprised at the success of this property," Root said. "Orange County has a highly educated workforce and a solid infrastructure, making it an appealing spot to work and live."

Built in 1987, The Ranch at Seal Beach is located at 3001-3005, 3010, 3020 & 3030 Old Ranch Parkway in Seal Beach, Calif., 90740. The complex houses tenants including Leidos, Olson Urban Housing and Merrill Lynch.

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.

# # #