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Westcore Properties, LLC and Longwing Real Estate Ventures, LLC, Acquire Vasona Technology Park In Campbell, CA for $52.8 Million
Seven-Building Park Includes High Profile Tenants – Kaiser Foundation, Fujitsu & Santa Clara County Health Authority • Acquisition Follows on the Heels of the Opening of Westcore’s Northern California Office
CAMPBELL, CALIF., November 3, 2004 - Westcore Vasona, LLC, an affiliate of Westcore Properties, LLC, a California-based entrepreneurial real estate investment company and its partner in the transaction, Longwing Real Estate Ventures, LLC, a New York-based private real estate investment company, have acquired Vasona Technology Park, a seven-building office / R & D park totaling 307,000 square feet for $52.8 million in Campbell, CA. The seller was Legacy-RECP II Hacienda OPCO, LLC a partner of Legacy Partners Commercial, Inc.
The 18.6-acre property is located at 200 - 264 East Hacienda Ave. and 1315 - 1357 Dell Ave.in Campbell, CA, a desirable submarket of the Western Silicon Valley. The project's major cross street is Winchester Blvd.
in Campbell, CA, a desirable submarket of the Western Silicon Valley. The project's major cross street is Winchester Blvd.
Joe Moriarty, Greg Davies, Steve Pace, Steve Horton and Eric Fox of the Santa Clara office of CPS Corfac International represented both the buyer and the seller in the transaction.
Vasona Technology Park is 90 percent leased to high profile tenants including Kaiser Foundation, Fujitsu and Santa Clara County Health Authority. The development was built in 1963 and 1981 and was rehabbed in 2000.
This acquisition follows on the heels of the opening of Westcore Properties' Northern California office in response to an improving real estate market. Marc Brutten, president and CEO of Westcore Properties, named Neil Johnson director of acquisitions, Northern California, to head this new office.
"We were attracted to Vasona Technology Park because of the good credit tenants with strong leases in a market that has bottomed out, leaving rents set to rebound," said Neil Johnson, director of acquisitions - Northern California, for Westcore Properties, LLC. "The park is also located on multiple parcels of land, providing an ideal exit strategy - we can sell the entire park or break it up into individual buildings." Johnson added that the park's West Valley location is adjacent to excellent executive housing in the Los Gatos area.
The partners have plans to invest approximately $150 million in office, industrial, retail and land in the Northern California region over the next 12 months. Additionally, the Westcore has been very active over the past 12 months, acquiring approximately $200 million in industrial, retail and office properties, the majority of which have been located within California.
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