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7/02/14
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In a San Jose office investment deal, American Realty Capital LLC has purchased a recently repositioned office campus for $52 mil from Bixby Land Company. The 165k sf ($315/sf) property, located at 211, 251 and 281 River Oaks Pkwy, at Zanker Rd, is fully leased to Nimble Storage.
Bixby acquired the three-building project in two separate acquisitions for $19.5 mil back in 2011. Following a comprehensive redesign that transformed the project into a dynamic work place, Bixby leased the entire campus to Nimble Storage for use as the data storage firm’s U.S. headquarters.
The centerpiece of the development is the signature Bixby Retreat™, a spacious 30k sf outdoor living room for collaboration and relaxation. Accented with draught-tolerant landscaping, the outdoor area provides the ambiance of a private park for employees. Bixby also transformed the building elevations, redesigned the lobbies, installed new roofs and upgraded the HVAC systems.
Bixby was reped by Mark Penrod and Andy Zighelboim with Eastdil Secured. American Realty Capital represented itself in the sale.
Bixby also recently completed a 136k sf lease with Verizon at THE Campus, a four-building office project that was completed earlier this year in San Jose. The company also expects to begin development in the next 60 days on the redesign of a 405k sf office project in Santa Clara.
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