Bixby Land Company, a privately held REIT that owns and operates approximately 6 million square feet of office and industrial real estate in California, Arizona and Nevada, purchased a four-building office campus in San Jose, CA this week for $29.5 million. Rockpoint sold Trimble Technology Park, which sits roughly one-half mile from San Jose International Airport, and currently has three vacant buildings. CBRE represented the seller in the transaction; details were not disclosed.
According to a San Jose Business Journal article, Bixby plans to put $23 million into renovating the 234,123-square foot Trimble Technology Park, located at 375, 397, 399 and 441 W. Trimble Road. "We look at what is happening further north in Silicon Valley and we feel the pressure of demand from those kinds of tenants will continue to move farther south and create more demand in North San Jose," said Aaron Hill, Bixby's vice president of operations.
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