The Khoshbin Co. is already spending the funds from its recent $40 million sale of Khoshbin’s Landing.
The Irvine-based firm has a pair of deals underway outside of California, where “the high prices have made it more of a seller’s market than a buyer’s one,” according to President Manny Khoshbin.
It plans to use the recently traded Mariner’s Mile property to finance a buy of a 120,000-square-foot mixed-use property in Oklahoma, the company’s first purchase in the state.
It also recently wrapped a $13 million buy of a nearly 400,000-square-foot office tower in Houston, marking a return to the state for Khoshbin; he once owned nearly 2 million square feet of office and industrial space.
He sold off most of his Texas-area assets in 2007 before the market crash.
The 20-story Houston building “is 41% occupied, so there’s a significant upside,” said Khoshbin.
The value-add investor said he’s acquired 60 buildings in five states in the company’s 25-year history.
The company’s current portfolio spans about 800,000 square feet, including about 120,000 square feet locally in Huntington Beach, Mission Viejo, Foothill Ranch and Irvine.
A 25,000-square-foot building in Irvine holds the company’s corporate offices, and will also be the testing site for a new coworking concept, called Driven Workspaces.
Khoshbin hopes to close an additional $50 million to $60 million in new deals this year, and is eyeing markets like Arizona and Northern California in addition to its existing markets, which also include Pennsylvania and Ohio.
—Katie Murar
