CAMPBELL. A large technology and medical office park in Campbell was bought by a veteran real estate company in a deal that indicates it was sold for less than his previous one.
Kennedy Wilson, a global real estate investment firm, has acquired Vasona Technology Park, a 314,300 square foot complex of seven buildings near the corner of Winchester Boulevard and East Gasienda Avenue in Campbell.
Kennedy Wilson of Beverly Hills, through an affiliate, paid $ 103.4 million for the Vasona Technology Park, according to public filings July 16 with the Santa Clara County Registry.
The seller was Santa Monica-based Vista Investment Group, which bought the office town in 2018 for $ 113.3 million, county records show.
This is a rare case of declining property values for a Silicon Valley complex.
Silicon Valley remains a hotbed for commercial real estate investors despite the economic uncertainty caused by the coronavirus.
Vasona Technology Park boasts some well-known tenants that seem enticing to investors.
Notable tenants include: ChargePoint, which provides a network of charging stations for electric vehicles, is headquartered in an office complex; and Kaiser Permanente, which has a large medical office center in the technology center.
Also in the office park are the biotech company Imperative Care; and Creganna Medical, a healthcare provider.
According to the company’s website, the new owner of the complex, Kennedy Wilson, has ownership interests primarily in commercial properties such as offices and apartment buildings.