Irvine Co. Buys More San Diego Property

Orange County’s largest landowner, the Irvine Co., recently purchased an additional office park and six acres in San Diego, the company said.

The Carroll Ridge business park, purchased for about $8 million, includes three buildings that are 96% leased. It is next to Canyon Ridge Business Park, a five-building center for research and technology purchased by the Irvine Co. in April. “We’re seeking to grow our investment properties on and off the ranch,” said Irvine Co. spokesman Larry Thomas. “This market is becoming much stronger.”

The company hopes to get city approval to build two industrial and research buildings totaling more than 100,000 square feet on the site. Construction could begin in 1997.

The two purchases, the company’s first acquisitions of office properties off the sprawling Irvine Ranch, have increased speculation that the privately held company is considering selling the properties to the public through a real estate investment trust. But the company is in no rush to go forward with such a plan, officials said. While company officials see a public offering as part of a long-term strategy, there is no planned date for one. Billionaire Donald L. Bren, the company’s owner who is known for his savvy business timing, has said he is considering such an offering but is in no hurry.