Irvine-based real estate investor Bixby Land Co. paid $116 million for two office properties in Vista and Santa Clara.
In North San Diego County, Bixby paid $31 million for an 111,639-square-foot office building that serves as the corporate headquarters for Vista-based medical device maker DJO Inc.
The Vista deal follows on the heels of an $85 million Bixby acquisition in Silicon Valley.
The company just acquired a five-building, 300,000-square-foot office park in Santa Clara that includes the corporate headquarters for Macrovision Corp., a software company.
The two acquisitions are the latest in a string of buys for privately held Bixby, which has become an active investor since Chief Executive Bill Halford took the reins in April of last year.
The real estate investment trust has made nearly $500 million in investments this year, following about $190 million of deals in 2006.
Bixby is planning more California buys, specifically in Northern California.
There’s about a 12- to 18-month window remaining for buying Silicon Valley properties, said Mike Severson, vice president of acquisitions and development for Bixby.
“We’re bullish on the Silicon Valley. We see big roll-up in rents coming,” said Severson, a former director and portfolio manager for Irvine’s RREEF Funds.
Its buy of the DJO building in Vista may be one of the last in the Southland for a while.
“There will be fewer deals in Orange County and San Diego than Silicon Valley,” he said.
For more on this story, see the Sept. 17 issue of the Business Journal.
