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Bixby Moves More Buildings into New JV

SANTA CLARA, CA-The properties are 3111-3141 Coronado Drive, a 118,400-sf two-story office/R&D complex that is 100% leased through mid-2009 by publicly traded Applied Materials Inc.

By Brian K. Miller | Updated on January 16, 2008

SANTA CLARA, CA-Bixby Land Co., the Irvine, CA-based private REIT has moved another recent acquisition here into its new joint venture with the Los Angeles-based real estate investment group of Investcorp International Ltd., which is traded on the London and Bahrain stock exchanges. The properties are 3111-3141 Coronado Drive, a 118,400-sf two-story office/R&D complex that is 100% leased through mid-2009 by publicly traded Applied Materials Inc. Bixby acquired the asset late last year for $36.4 million and it was recapitalized into the JV at the same price, according to Investcorp.

This is the second property Bixby has sold into the JV. In December, it recapped Airport Technology Park, a five-building 300,000-sf office/R&D park here that is 86% leased to two publicly traded companies, Macrovision Corp. and BAE Systems. Bixby acquired the asset in September for $85.4 million and recapitalized it into the JV at the same price.Bixby has acquired $263 million of Silicon Valley properties over the past 15 months. In addition to the two aforementioned assets, it paid $72 million for the 223,866-sf mixed-use University Station development in Santa Clara in Santa Clara last January. Located across from Santa Clara University and adjacent to a Caltrain station, the development is 90% leased. In October 2006, the company paid $70 million for Legacy Tech Center, a fully leased five-building, 302,000-sf R&D complex in San Jose leased to Tivo Inc. and Foundry Networks.

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