SAN DIEGO—Bixby Land Co. has purchased fouroffice buildings here in two separate transactionstotaling $21.8 million with plans to invest $16.5 million inrenovating them as creative-office space. Theinvestments mark the firm's ongoing focus of developing innovativeworkplace designs in select markets throughout California.
The first purchase was Mira Mesa Business Park,a 58,701-square-foot, three-building office park in the SorrentoMesa submarket, one of the premier technology submarkets in SanDiego. The project was purchased from 5889 Oberlin DriveAssociates for $9.3 million, and Bixby plans to invest$6.5 million to completely redesign it. LynnLaChapelle and Bob Prendergast ofJLL represented the seller in the transaction.
New glazing, lobbies, upgraded elevators and a full landscapingand signage renovation will be completed on the property over thenext six months. The development will also includethree separate Bixby Retreat outdoor amenitiesareas, a feature that Bixby has pioneered in Silicon Valley andthat has proved to be in high demand by tenants.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
