Vista Investment Group, in joint venture with an institutional money management firm, has acquired Vasona Technology Park in Silicon Valley’s Campbell, California for $113m (€94.1m).
The Santa Monica, CA-based real estate investment firm said the fully-leased 314,256sqft asset features seven freestanding one-and two-story office and R&D buildings.
Vista Investment’s president Jonathan Barach said the deal will give the company the opportunity to create value by continuing to reposition the older buildings in the project to a more creative office standard and leverage off of the expansive campus setting, one of the largest contiguous land sites in the area.
“This is our fourth, and probably most exciting project in the Silicon Valley,” Barach said.
Barach added that the property is anchored by investment-grade tenants with long-term leases, and will benefit from both interior and exterior improvements, which the company intends to implement as leases expire over the next several years.
The acquisition of Vasona brings Vista’s Silicon Valley office portfolio to more than 673,000sqft.