CARLSBAD, CA-Orange County, CA-based Bixby Land Co. has purchased most of the Palomar Oaks Technology Park here from Arden Realty LP for $15.8 million. The company is going to invest another $3 million to upgrade the property.
The Bixby purchase includes six buildings totaling about 170,915 square feet, including five research and development facilities and one three-story office. Arden had purchased the buildings, as well as another facility and vacant land, for $41.5 million in August 2007.
A Bixby spokesman tells GlobeSt.com that it paid a lower price because of the fewer properties, as well as a decline in Southern California prices, and the fact that the park is about 58% leased. Tenants at the park include Walters Management, Sound Technologies and SenDx. The buyer has hired Tucker Hohenstein with Colliers to lead a new leasing and marketing campaign for the property, which will get a new exterior, improved tenant suites and likely a new name.
Bixby also acquired an industrial building in this San Diego market, at 10895 Thornmint Rd., in October, bringing the company’s local holdings to 14 properties. However, the spokesman says the company continues to seek industrial investments in San Diego, including tech parks. “The preferred path for growth for light industrial/R&D space remains in the North County markets,” he says.
Bob Pendergast and Lynn LaChapelle with Jones Lang LaSalle represented Arden in the sale. Bixby was represented in-house.
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