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Vista Investment Group Lands Fully Leased Campbell Park for $113.3 Million

Santa Monica Outfit Nets Fourth Investment in Silicon Valley with Purchase of Vasona Technology Park
January 11, 2018
Vista Investment Group landed a significant investment right after the turn of the calendar, teaming up with an institutional money management firm to acquire the Vasona Technology Park in Campbell, CA for $113.3 million, or approximately $361 per square foot.

Vasona Technology Park is a 314,256-square-foot complex comprised of seven freestanding one- and two-story office and R&D buildings ranging in size from 16,000 - 74,000 square feet.

Developed by South Bay Development Co., the park delivered in phases in 1963 and 1982 on an 18.5-acre site along the S. Winchester Blvd. thoroughfare just north of the CA-17/Route 85 interchange. 100% leased at closing, it is home to a number of intuitional-grade tenant on long-term deals, including Kaiser Foundation Health Plan and ChargePoint.

The acquisition, which closed Jan. 2, is the latest investment in Northern California for Vista Investment Group, a real estate investment firm out of Santa Monica that also owns the Valley Creative Center, 3100 N. 1st St. and 2581 Junction, all in north San Jose. The company plans to reposition some of the older buildings in the park for creative office use.

“The property is anchored by investment-grade tenants with long-term leases, and will benefit from both interior and exterior improvements, which we will implement as leases expire over the next several years," said Jonathan Barach, president of Vista Investment Group. "We will work immediately to improve the outdoor common areas with the creation of large collaborative work, dining and recreation spaces throughout the campus. The campus is located in one of the most supply-constrained sub-markets in Silicon Valley, proximate to highly desirable executive housing in the neighborhoods of Los Gatos, Saratoga and Monte Sereno.”

Steve Hermann, Eric Fox and Adam Lasoff of Cushman & Wakefield represented the seller, The Carlyle Group, in negotiations.

For more information on the transaction, please see CoStar Comp #4103868.
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