REAL ESTATE
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Irvine Co. Buys in San Diego: The big Orange County landowner bought a high-tech business park in San Diego for about $26 million in cash, according to brokers. The purchase is seen as part of the Irvine Co.’s plan to take its portfolio of office towers and industrial buildings public by forming a real estate investment trust. The Irvine Co. purchased Canyon Ridge, a business park of nearly 300,000 square feet in San Diego, from WCB Properties, a Newport Beach limited partnership. “The Irvine Co. wants to show they have an ability to make acquisitions and grow their company outside of the ranch,” said Craig Leupold), analyst with Green Street Advisors in Newport Beach.
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