Bixby acquired 11 buildings totaling 816,000 sf at five locations in Newport Beach, Irvine and Seal Beach in the Maguire transaction. It bought the properties in a joint venture with the AFL-CIO Building Investment Trust, for which PNC Realty Investors Inc., a subsidiary of the PNC Financial Services Group, provides investment advisory and management services.

Bixby's financing for the transaction included $233 million that was arranged by Newport Beach-based Buchanan Street Partners and was the second-largest financing in Buchanan's history. Tom Sherlock, managing partner at Buchanan Street, notes that the deal closed inside of 30 days.

Details about the new Bixby building and its construction schedule were not immediately available, but the Newport Beach-based company, a private REIT, has been expanding both through acquisitions and developments lately. It has bought and/or built in other Southern California markets, including the Inland Empire, and entered the Phoenix market this year as well.