Bixby Land Co. has acquired its third Silicon Valley business project in the past 12 months with the $85 million purchase of Airport Technology Park in Santa Clara. In all, Irvine, Calif.-based Bixby has recenlty invested $230 million in the region.
The office park’s five buildings total approximately 300,000 sq. ft. on 17 acres. Anchor tenants include Macrovision Corp. in 160,753 sq. ft. and BAE Systems in 97,816 sq. ft. of office space. The deal was brokered by Greg Cioth and Edmund Najera of Eastdil Secured.
“The vacancy rates in the Silicon Valley have declined for nine consecutive quarters. This resurgence in the technology sector is a healthy indicator of future increases in commercial property values in the Silicon Valley,” says Mike Severson, vice president of acquisitions and development for Bixby.
The company plans additional acquisitions in the region this year and next, Severson says. Bixby’s first acquisition occurred in October 2006 with the purchase of the 302,186 sq. ft. Bixby Tech Center in San Jose. In January 2007, the company acquired Bixby University Station, 223,866 sq. ft., in Santa Clara. Bixby Land Co. is a private real estate investment trust with more than 50 properties.