Bixby Land Co. of Irvine has purchased Palomar Oaks Technology Park in Carlsbad for $15.8 million, the real estate investment firm announced Jan.23.
The seller was Arden Realty Limited Partnership.A Bixby statement said the company plans to invest $3 million to upgrade the 170,915-square foot property, which includes six office and research and development buildings.
The purchase is Bixby's second local transaction in the past 90 days,following. its October acquisition of a Rancho Bernardo industrial building_ The company now owns a total of 14 industrial, R&D and office properties in San Diego County.
Mike Severson, Bixby's vice president of investments, said the Carlsbad acquisition is a continuation of the firm's long-term "Value added" investment strategy. The company also is currently investing $56 million toward the redevelopment of approximately 300,000 square feet of office space in Silicon Valley.
Bixby Land Co. is a privately ownned real estate investment trust; with a total portfolio of nearly $1 billion, the statement said