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SANTA CLARA, CA-Bixby Land Co. of Irvine, CA has acquired the Airport Technology Park here for $85 million. The 300,000-sf, five-building campus here sits on 16.8 acres at 2770-2890 De La Cruz Blvd., across from the San Jose Airport. Two publicly traded companies, Macrovision Corp. and BAE Systems, lease 86% of the two-story complex.

The seller of the park was not disclosed, but is believed to be Westbrook Real Estate Partners, which refinanced the property in February 2007 with a $67-million, three-year, adjustable rate securitized loan from JP Morgan Mortgage Capital, according to Holliday Fenoglio Fowler, which sourced the loan.

“The vacancy rates in the Silicon Valley have declined for nine consecutive quarters,” says Mike Severson, vice president of acquisitions and development for Bixby. “This resurgence in the technology sector is a healthy indicator of future increases in commercial property values in the Silicon Valley.”

Macrovision Corp., which develops and markets video security technologies to enable pay per view systems, occupies 160,753 sf of space within the park. BAE Systems, Europe’s largest defense contractor and the largest foreign company in the US defense market, occupies 97,816 sf of office space within the park for its United Defense LP subsidiary.

Airport Technology Park is the third Bay Area acquisition in the past 12 months for Bixby. The company has been shedding its 18-property retail portfolio and exchanging them for industrial assets.

“Our core management team’s expertise is not in retail,” Bixby CEO Bill Halford told GlobeSt.com last October, shortly after the company paid $70 million for Legacy Tech Center , a fully leased five-building, 302,000-sf R&D complex in San Jose comprised leased to Tivo Inc. and Foundry Networks. “The team we’ve brought on board–particularly our vice president of acquisitions and development, Mike Severson–is very familiar with the tech corridor in Northern California and we plan to leverage that experience.”

A few months later, in January 2007, it paid $72 million for the 223,866-sf mixed-use University Station development in Santa Clara. Located at 451-492 El Camino Real, across from Santa Clara University and adjacent to a Caltrain station, the development was 90% leased.

“We continue to be an active investor in the Silicon Valley and are targeting additional acquisitions in that region for the remainder of 2007 and throughout 2008,” Severson says.

Greg Cioth and Edmund Najera of Eastdil Secured brokered the Airport Technology Park transaction.

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