Bixby Land Co. continues Silicon Valley buying spree
Irvine, Calif.-based real estate investment trust Bixby Land Co. has acquired a 106,000-square-foot industrial building in San Jose for $21.5 million.
BLC said the facility is fully leased to FedEx, with nine years remaining on the lease. The Memphis, Tenn.-based integrated carrier operates a regional distribution center out of the facility.
BLC's purchase is the fifth Silicon Valley acquisition in the past 18 months, representing a total investment of more than $280 million and giving the firm an area portfolio topping 1 million square feet.
Noting a strong leasing market in the area, BLC said it plans additional Silicon Valley purchases during 2008.