Oxford Properties has made its first move into the Los Angeles market, betting on the continued growth of the life sciences and industrial sectors.
The Canadian firm bought a 119-acre, 14-building business campus in Santa Clarita for $133.5 million, the company said Monday.
Intertex Companies and Oaktree Capital Management sold the campus. The firms offloaded a 180,400-square-foot building there for $92 million to Cantor Fitzgerald last month. Neither immediately responded to requests for comment.
The Santa Clarita purchase also includes the rights to build on 40 acres of undeveloped land. Oxford said it will “explore a range of development options,” adding that the site is approved for varied zoned commercial uses.
Oxford Properties, which is owned by the Ontario Municipal Employees Retirement System, is investing heavily in the industrial sector in the U.S. Just last month, the firm spent $2 billion to acquire a 15 million-square-foot industrial portfolio from KKR.
This year, the company has acquired six life sciences buildings across the U.S. — three on the West Coast and three in Boston. Oxford is hoping to have life sciences, logistics and residential properties account for up to 60 percent of its assets under management by 2025.