Bixby Land Company announces the $52.1 million sale of a recently repositioned office campus on River Oaks Parkway at Zanker Road in San Jose, Calif. to American Realty Capital, LLC. The sale follows Bixby’s successful development of the office complex into a contemporary work environment, an investment strategy that the Irvine, Calif.-based developer continues to execute throughout the state.
Bixby aggregated the three-building project in two separate acquisitions for $19.5 million back in 2011. Following a comprehensive redesign that transformed the project into a dynamic work place, Bixby leased the entire 165,000-square-foot campus to Nimble Storage (“NMBL”) for use as the data storage firm’s U.S. headquarters.
“We developed a vibrant, collaborative work environment with the image and amenities that today’s companies demand,” said Bill Halford, president and CEO of Bixby Land Company. “This is a fitting time to realize our investment objective following the successful renovation and leasing of the project.”
The centerpiece of the development is the signature Bixby Retreat™, a spacious 30,000-square-foot 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 represented by Mark Penrod and Andy Zighelboim with Eastdil Secured, while American Realty Capital represented itself in the sale.
Bixby also recently completed a 136,000-square-foot 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 405,000-square-foot office project in Santa Clara, Calif.