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9/23/14
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Bixby Land Company recently purchased four San Diego area buildings in two separate transactions totaling $22 mil. The company will renovate the buildings into modern, creative office properties to meet the growing demand for innovative work place designs in markets throughout the state.
In one of the transactions, Bixby paid $9.3 mil for Mira Mesa Business Park, a 58.7k sf ($158/sf), three-building office park in the Sorrento Mesa area. The firm will invest $6.5 mil to completely redesign the project. New glazing, new lobbies, upgraded elevators and a full landscaping and signage renovation, will be completed over the next six months. The development will include three separate Bixby Retreat™ outdoor amenities areas, a feature that Bixby has pioneered in Silicon Valley and has proved to be in high demand by tenants.
Mira Mesa Business Park is located one mile east of the I-805 Fwy at Mira Mesa Blvd and Oberlin Drive. Bixby purchased the property from 5889 Oberlin Drive Associates, which was represented by Lynn LaChapelle and Bob Prendergast of Jones Lang LaSalle.
In the second acquisition, Bixby paid $12.5 mil for a four-story office building at 9797 Aero Dr in the Kearney Mesa submarket of San Diego. The unnamed seller was represented by Thomas Mercer, Derek Hulse and Ty Moffatt of Colliers International. The 76.3k sf building features good access and high visibility to the I-15 Fwy, and was vacant at the time of sale.
Bixby plans a $10 mil repositioning that includes the addition of 15.8k sf of new office space. Bixby will also include its signature Bixby Retreat™, an energetic outdoor living room with numerous amenities.
“Companies place a premium on work environments where their employees can enjoy the outdoors without having to leave the property,” said Bill Halford, president and CEO of Bixby Land Company. “Our designs offer that experience, with highly amenitized outside areas that are a perfect fit for San Diego’s active lifestyle.”
Bixby’s attention to the lifestyle needs of today’s companies has come to define the firm’s office development strategy. This includes contemporary designs and amenities that more closely convey the ambiance of a boutique luxury hotel than a conventional office building.
Bixby has invested over $400 mil in 30 buildings throughout California over the past three years, including creative office developments in Silicon Valley, Los Angeles and Orange County. These most recent acquisitions signal the company’s continuing interest in the San Diego area, a market Bixby knows well from previous investment activity.
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