CAMPBELL, CA-Rockwood Capital and Four Corners Properties have acquired Water Tower Plaza, a 100,000-square-foot office and retail property located at 300 Orchard City Dr. in Campbell, CA, from Water Tower 1 LLC, a property that was managed by South Bay Development.
While sources involved could not disclose price terms to GlobeSt.com at this time, we did learn that this isn't the first noteworthy investment Rockwood has made in Campbell. The firm once renovated and redeveloped Pruneyard, a mixed-use property, which it then sold in 1999.
Jason Oberman, VP of Rockwood Capital, says that the firm “believes in investing in evolving mixed-use urban cores, which benefit from public transit, walkability, and surrounding amenities.” This property, he says, “is ideally located in a vibrant downtown location. Architectural brick and timber elements from its past as a cannery will be accentuated and the property's outdoor areas will be improved into collaborative outdoor spaces.”
Water Tower Plaza features a brick exterior with exposed timber beams in the interior spaces, high vaulted ceilings, open floorplans, and a landscaped outdoor courtyard area. Originally the Hyde Cannery, constructed in 1887, the building housed fruit and canning companies until 1971, when it was first converted to retail. The site was then converted to a mixed- use property with office and retail space in the 1980s.
Bruce Burkard, founding partner of Four Corners Properties, is seeing an increased demand by companies interested in office space in downtown environments. “There is a major transformation underway in downtown Campbell with many new restaurants opening, new housing being constructed, and a young tech-oriented population moving to the city, making it an even more attractive office location. The property appeals to creative companies due to it being one of very few brick and timber buildings in all of Silicon Valley.”
This isn't the team's first partnership. As GlobeSt.com previously reported, in May of 2012, the JV acquired a vacant office campus consisting of over 500,000 square feet on the border of Mountain View and Palo Alto. The seller of the property, situated on a 27-acre site, was William Lyon Homes. The property, originally constructed in 1966 as a shopping center called the Mayfield Mall, will be renamed San Antonio Station. The purchase price was $90 million.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
