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Bixby Buys Palomar Oaks Tech Park for $15.8M

Orange County Business Journal

Irvine-based Bixby Land Co. has snapped up another big business park in San Diego County.

The real estate operator and investment manager last month closed on the purchase of Palomar Oaks Technology Park, a 170,915-square-foot R&D and office property in Carlsbad.

The six-building complex traded hands for $15.8 million, or about $93 per square foot. Los Angeles-based Arden Realty Limited Partnership was the seller of the complex,which includes five R&D buildings totaling 124,378 square feet and one three-story office with 46,537 square feet.

Arden bought the property in mid-2007, as part of a larger, $2.1 billion portfolio buy from Blackstone Group, according to local reports.

Palomar Oaks was about 58% leased at the time of the sale.

Bixby plans to put another $3 million into the property, to upgrade the exterior of the buildings, improve tenant suites and rebrand the site.

It's the second investment in the San Diego market in the past three months for Bixby, which now owns a total of 14 industrial, R&D and office properties in the San Diego area.

It paid about. $6.3 million for a 73,541-square-foot building in Rancho Bernardo a few months ago.

Bixby has also been an active investor of late in the Silicon Valley, where it is spending close to $56 million to buy and redevelop a few office projects in the region.