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SANTA CLARA, CA-Bixby Land Co. of Orange County has acquired the 223,866-sf mixed-use University Station development here from Hunter/Storm Inc. for $72 million. The development is 90% leased.

University Station is located at 451-492 El Camino Real, directly across from Santa Clara University and adjacent to a Caltrain station. "The area has limited potential for future competitive development," says Bixby Land Co. president/chief executive Bill Halford. "We see significant upside potential in class A product in the Silicon Valley market."

Bixby, a private REIT, in 2006 invested $192 million in 15 buildings (973,257 sf net rentable) in San Diego, Orange County and Northern California. "The 2007 focus will remain on expansion through investment and development," says Halford. "We will continue our strategy of being an opportunistic player looking to expand our portfolio throughout California and Arizona."