Newport Beach-based real estate company Bixby Land Co. has paid $70 million for an industrial park in San Jose, the company’s first acquisition in Silicon Valley.
Bixby bought Legacy Tech Center, a five-building complex in San Jose that totals 302,186 square feet.
WIX/NSJ Real Estate LP was the seller. Foster City-based Legacy Partners and Goldman Sachs Group Inc. built the center in 2000.
Tenants include TiVo Inc. and Foundry Networks Inc., among others. Legacy Tech Center is full, according to Bixby. It’s set to be renamed the Bixby Technology Center.
More Northern California deals could be on the way, according to William “Bill” Halford, Bixby’s president and chief executive, who helped lead The Irvine Company’s 1990s Silicon Valley push as head of the company’s office arm.
Halford joined Bixby from the Irvine Co. earlier this year.
Mike Severson, Bixby’s recently hired vice president of acquisitions and development, is familiar with the area and will be targeting the region, Halford said in a statement.
Halford told the Business Journal earlier this year that Bixby, which to date has focused exclusively on Southern California, would be expanding its reach to areas within an hour’s plane ride. Recent deals have included industrial acquisitions in the Inland Empire.
The company isn’t just in a buying mode. Bixby is looking to sell up to 18 industrial, office, and retail holdings from its portfolio of about 50 properties. The Newport Beach office of CB Richard Ellis Group Inc. is handling sales of these properties.
