3111-3141 Coronado Drive Associates, LLC, a venture between Bixby Land Company and JP Morgan, announces the sale of a two-building office campus at 3111-3141 Coronado Drive in Santa Clara, Calif. to AEW Capital Management, L.P. (AEW). AEW acquired the property on behalf of one of its institutional clients at an undisclosed price. Both buyer and seller were self-represented in the transaction.
The sale transaction follows the acclaimed 2012 renovation of the project, a contemporary redesign that garnered the 2012 Structures Award as Best Reuse/Rehab Project in Silicon Valley by Silicon Valley Business Journal. Bixby leased the entire 127,000-square-foot facility upon completion to Santa Clara-based Infoblox.
“This is an opportune time to realize our investment objective following the successful renovation and leasing of the project, said Bill Halford, president and CEO of Bixby Land Company. “We set out to create a compelling work environment with the image and high quality amenities sought by today’s companies,” added Halford.
The project features a two-story glass pavilion entrance that was created by adjoining the two buildings. Bixby redesigned the buildings to deliver modern exterior lines and maximize the outdoor space, including the addition of an outdoor living room for tenants, the Bixby Retreat™. Bixby’s contemporary courtyard gathering area includes couch seating, fire pits, recessed lighting, an outdoor kitchen and grill, drought tolerant landscaping and an attractive waterscape feature.
About Bixby Land Company
Bixby Land Company is a leading commercial real estate operator and investment manager with a portfolio of assets under management nearing $1 billion. The company is a privately-held REIT with a focus on core industrial and value add investments in R&D and office properties throughout the Western U.S. Bixby Land Company has a vertically integrated operating platform backed by a veteran management team. For more than 100 years, Bixby Land Company has been committed to adding value for its investors and shareholders.
Founded in 1981, AEW provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage $34.8 billion of capital invested in approximately $48.2 billion of property and securities in North America, Europe and Asia (as of December 31, 2012). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW activel y manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities.