Vista Investment Group acquired the 314K SF Vasona Technology Park in Campbell at the end of 2017. The $113M purchase was one of the largest real estate investment transactions in the Silicon Valley R&D market during the year.
“The Silicon Valley market experienced a strong second half of 2017 after a relatively slow start to the year,” said Cushman & Wakefield Capital Markets Executive Managing Director Eric Fox, who marketed the property on behalf of the seller. “Investor optimism and tenant growth have returned to the marketplace.”
The property is fully leased with tenants including Kaiser Foundation Health Plan, which has a medical clinic, mental health services, doctors offices and pharmacy on the campus, and ChargePoint.
The investor plans to reposition the older buildings to a more creative office standard and leverage the expansive campus setting, according to Vista Investment Group President Jonathan Barach. The new owner will improve the outdoor common areas and create a large collaborative workspace and dining and recreation space throughout the campus.
Vasona Technology Park, which was developed in 1963 and 1981, is on an 18.5-acre parcel bordered by Winchester Boulevard and East Hacienda and Dell avenues.
This acquisition marks Vista’s fourth investment in Silicon Valley, according to Barach. Vista Investment Group has more than 673K SF in its Silicon Valley office portfolio. It purchased a six-building asset in North San Jose and bought a 92K SF R&D asset with Lowe Enterprises Investors in 2016.