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Bixby Buys Silicon Valley R&D Park

SAN JOSE, CA-The Southern California-based investor, which is selling off its 18-property retail portfolio, makes its first acquisition in Northern California, paying $70 million for a 302,000-sf R&D complex.

By Brian K. Miller | Updated on October 03, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

SAN JOSE, CA-Bixby Land Co. has acquired a fully leased 302,000-sf R&D complex here for $70 million as part of an effort to reshape its portfolio. The Newport Beach-based private REIT is shedding its 18-property retail portfolio and exchanging them for industrial assets.

The San Jose R&D complex, Legacy Tech Center, is Bixby’s first industrial product in Northern California. Built in 2000, the center has five R&D buildings that are 100% leased. Tenants include Tivo Inc. and Foundry Networks. The seller was WIX/NSJ Real Estate LP.

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