The former Anaheim headquarters of Fisker Automotive and Technologies Group LLC has sold for the fifth time since 2006 and at what property records indicate is the highest price over that time.
5515 E. La Palma Ave., a 155,351-square-foot office near the Riverside (91) Freeway and Imperial (90) Highway, sold this month for about $41 million, or nearly $262 per square foot.
The two-story office—now known as Fifty-Five Fifteen—was bought by an affiliate of Klein Investments, a Newport Beach-based family investment group.
It was sold by the local office of Houston-based real estate investor Hines, which partnered with Los Angeles-based Oaktree Capital Management LP to buy the building in 2016 for a reported $26 million.
Hines said they oversaw a large renovation of the property the past two years, adding features that “modernized the lobby and outdoor amenity areas,” along with some creative-office flourishes.
Cushman & Wakefield Inc.’s Jeff Cole, Ed Hernandez, Jeff Chiate and Nico Napolitano represented the sellers in the latest deal. Its Irvine office also worked on the 2016 transaction.
The office is currently more than 80% leased, according to Cushman & Wakefield executives.
The building’s largest tenant is Idemia, a maker of biometric technologies that previously operated under the MorphoTrak name, according to CoStar Group Inc. records.
Luxury hybrid automaker Fisker vacated the premises after going bankrupt in 2013.
The automaker now operates under the Karma Automotive name and is based in Irvine.
The Anaheim office has seen its share of pricing fluctuations over the past 13 years. It sold for about $34.5 million in 2006, and then plummeted in value following the last recession, selling for about $10 million in 2010—prior to Fisker moving in—CoStar records indicate.
Klein Investments was represented by Colliers International in the purchase. Mike Hartel, Joe Winkelmann and Nick Velasquez with Collier’s Irvine office also represented the group in a recent sale of a 54,000-square-foot freezer facility in Norwalk.
The Norwalk property, which sold for nearly $12 million, was bought this month by Irvine-based Koll Co.
Fifty-Five Fifteen’s sale adds to a string of notable office deals closing in Anaheim over the past quarter. Since November, nearly $300 million worth of larger office buildings in the city sold, including the Axis creative-office campus, Arena Corporate Center, and 1325 N. Anaheim Blvd., the former home of Carl’s Jr.
Bixby Buy
Newport Beach-based Bixby Land Co. said it was part of a venture that paid $33 million for an empty industrial building developed a couple years ago in San Bernardino.
It partnered with France-based global asset manager AXA Investment Managers to buy 4982 Hallmark Parkway, 340,000-square-foot property just off the Barstow (215) Freeway. It was marked for sale under the Hallmark Distribution Center name.
Bixby and AXA are looking to acquire some $400 million of industrial assets across the Western U.S. Bixby said it’s looking for deals in the $5 million to $50 million range as part of that venture.
