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Bixby Makes Foray into SD Market

SAN DIEGO-The Long Beach-based commercial real estate firm picks up a 69,900-sf office facility here for $13.5 million. The property is fully occupied by Hitachi Data Systems.

By Erin Cassin | Updated on April 15, 2004

SAN DIEGO-Marking its first foray into the San Diego County commercial real estate market, Long Beach-based Bixby Land Co. has picked up an office facility located at 10277 Scripps Ranch Blvd. in the city.The commercial real estate development, investment and management firm has shelled out $13.5 million for the one-story, concrete tilt-up facility. Hitachi Data Systems currently occupies the entire 69,900-sf building and has been the sole tenant here since the property’s completion in 1991. The wholly owned subsidiary of Hitachi Ltd. is a high-end storage company with worldwide R&D capabilities. Bixby has acquired the San Diego property as part of a 1031 Exchange transaction, according to Grubb & Ellis Co. Bob Griffith and Jon Nesbitt, who are both based in Grubb & Ellis’ Newport Beach office, acted on behalf of the buyer. The sale is an example of the high level of investment demand for “well-leased, well-located” suburban assets in San Diego, according to Bob Prendergast of Burnham Real Estate’s Capital Market Investment Group. Prendergast and Burnham colleagues Lynn LaChapelle and Ryan Gilbert represented Hartford, CT-based UBS Realty Investors, which has sold the asset on behalf of a domestic pension fund.

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