Campbell – A large tech and medical office park in Campbell has been purchased by a seasoned real estate company in a deal that indicates it sold for less than its former price.
Kennedy Wilson, a worldwide real estate investment company, has purchased Vasona Technology Park, a seven-building complex near the corner of Winchester Boulevard and East Hacienda Avenue in Campbell’s for a total of 314,300 square feet.
Beverly Hills-based Kennedy Wilson, acting through an associate, paid $103.4 million for Vasona Technology Park, according to public documents filed July 16 at the Santa Clara County Recorder’s office.
The seller was Santa Monica-based Vista Investment Group, which purchased the office complex in 2018 for $113.3 million, county records show.
This appears to be a rare case of declining property values for a campus in Silicon Valley.
Despite the economic uncertainties that the coronavirus has created, Silicon Valley remains a hotspot for commercial real estate investors.
Vasona Technology Park has some high-profile tenants that appear to be an attraction for investors.
Well-known tenants: ChargePoint, which provides a network of charging stations for electric vehicles, has its corporate headquarters in its office premises; and Kaiser Permanente, which has a large medical office center in its tech hub.
Also in the office park are Imperative Care, a biotech company; and Craigna Medical, a medical supply firm.
According to the company’s website, the complex’s new owner, Kennedy Wilson, owned primarily commercial properties such as offices and apartment buildings.