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SAN JOSE, CA-Bixby Land Co. says it has acquired a 106,000-sf industrial building here for $21.5 million. The Irvine-based investor-developer says the property is fully leased to Fed Ex, which operates a regional distribution center out of the building.

The building is located south of the Interstate 880-Montague Expressway at 710 Dado St. A source with Bixby tells GlobeSt.com that Fed Ex has nine years remaining on its lease.

Bixby has acquired five properties in the Silicon Valley in the past 18 months and plans to make additional acquisitions in 2008. In explaining the company’s interest in the market, Bixby’s VP of acquisitions and development Mike Severson says “the Silicon Valley has had strong leasing activity” over the past few years “driven by an increase in venture capital funding.”

In December, Bixby paid $36.4 million for a two-building, 118,000-sf office/R&D campus on six acres in Santa Clara that is 100% leased to Applied Materials Inc. through mid-2009. In September, the company paid $85 million for Airport Technology Park, 300,000-sf, five-building, two-story campus also in Santa Clara that sits across from the San Jose Airport. Two publicly traded companies, Macrovision Corp. and BAE Systems, lease 86% of the two-story complex, which was subsequently conveyed the park to a joint venture of itself and the Los Angeles-based real estate investment group of Investcorp International Ltd.

In January, it paid $72 million for the 223,866-sf mixed-use University Station development in Santa Clara. Located across from Santa Clara University and adjacent to a Caltrain station, the development is 90% leased. In October 2006, the company paid $70 million for Legacy Tech Center, a fully leased five-building, 302,000-sf R&D complex in San Jose leased to Tivo Inc. and Foundry Networks.

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