In another Silicon Valley value-add play, Bixby Land Co. has purchased the four-building, 234,123-square-foot Trimble Technology Park in San Jose, CA, from Rockpoint Group LLC for $29.5 million.
Irvine, CA-base Bixby, which acquired the property in a venture with Cornerstone Real Estate Advisors on behalf of one of its institutional clients, plans a $23 million repositioning and rebranding of the office buildings at 375, 397, 399 and 441 W. Trimble Road in San Jose's Golden Triangle submarket.
The company will add 16,000 square feet of two-story office space
to the project on about 15 acres at the northwest corner of Trimble Road and Orchard Parkway, increasing the size of the project to just over 250,000 square feet.
The project is expected to begin in the first quarter of 2013 and be completed by year-end. It includes a major exterior reconstruction and re-landscaping, expansion and upgrade of building lobbies, glass, mechanical systems, with new roofs and renovated interior courtyards.
The Trimble Road redevelopment is the company’s third major renovation in Silicon Valley over the past year. Bixby renovated 3111 Coronado Drive in Santa Clara in May 2012 and leased the entire office campus to Infoblox, followed in June by the renovation of three buildings on River Oaks Parkway in San Jose, in two projects totaling nearly 400,000 square feet.
Bixby is also renovating a 291,000-square-foot office building
in the Los Angeles County city of Torrance, CA, which it acquired for $52 million in August.
Please see CoStar COMPs #2579950 for more information on this transaction.