Bixby Land Co., an Orange County, Calif.-based commercial real estate operator and investment manager, has purchased Palomar Oaks Technology Park, a 170,915 square-foot R&D and office property in Carlsbad, Calif., from Arden Realty LP for $15.8 million. Bixby plans to invest an additional $3 million to upgrade the exterior of the property, improve tenant suites and rebrand the property.
The purchase marks the firm's second investment in the San Diego metropolitan market in the past 90 days. Bixby now owns a total of 14 industrial, R&D and office properties in the San Diego area.
‘We continue to seek value-added investment opportunities in both office and industrial properties,’ says Mike Severson, vice president of investments at Bixby Land Co.
Bixby purchased a total of six buildings in Palomar Oaks Technology Park, including five R&D buildings and one three-story office building. The entire project was 58% leased at closing. Bixby is acquiring the property at $93 per square foot.