REAL ESTATE INDUSTRY NEWS
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Irvine-based Bixby Land Co. buys $9.2 million property
With the deal, the firm will move forward with its new acquisition strategy.
By Kristen SchottPublished: February 15, 2010 10:28 AM
Irvine-based Bixby Land Co. has acquired a 50,000-square-foot research and development space in San Diego for $9.2 million.
With the move complete, the real estate investment trust can now focus on value-add investment opportunities – in which the property owner makes improvements or upgrades to increase the project's worth – this year. The company says it has shifted its business strategy because of the market's ever-changing dynamics.
“We believe we can identify investment opportunities ... from distressed sellers needing to dispose of their properties,” says company President and CEO Bill Halford.
Such properties will have a "significant influence" on the firm's acquisition plan, he notes.
The single-tenant facility was built in 1991 and is occupied by Quantum Design, which develops integrated, automated platforms for scientific research materials. The purchase brings the firm's portfolio to more than 6 million square feet.
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With the move complete, the real estate investment trust can now focus on value-add investment opportunities – in which the property owner makes improvements or upgrades to increase the project's worth – this year. The company says it has shifted its business strategy because of the market's ever-changing dynamics. “We believe we can identify investment opportunities ... from distressed sellers needing to dispose of their properties,” says company President and CEO Bill Halford. Such properties will have a "significant influence" on the firm's acquisition plan, he notes. The single-tenant facility was built in 1991 and is occupied by Quantum Design, which develops integrated, automated platforms for scientific research materials. The purchase brings the firm's portfolio to more than 6 million square feet. Related headlines Mother's Market & Kitchen expands in new Costa Mesa spot Irvine Co. Office Properties signs deals for 115,000 square feet December home foreclosures double |
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