San Francisco, September 4, 2013 — Rockwood Capital and Four Corners Properties announced today they have acquired Water Tower Plaza, a 100,000 square foot office and retail property located at 300 Orchard City Drive in Campbell, from Water Tower 1, LLC, a property that was managed by South Bay Development. Terms of the transaction were not disclosed. Rockwood Capital’s prior noteworthy investment in Campbell was the renovation and redevelopment of the Pruneyard, a mixed-use property, which Rockwood Capital then sold in 1999.
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. Located one block from downtown Campbell’s main street and adjacent to the VTA rail, Water Tower Plaza benefits from close proximity to boutique shops and restaurants and a growing residential population.
Jason Oberman, Vice President of Rockwood Capital, said, “We believe in investing in evolving mixed-use urban cores, which benefit from public transit, walkability, and surrounding amenities. This property 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.”
Bruce Burkard, Founding Partner of Four Corners Properties, said, “We are 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.”
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients approximately $14.6 billion of real estate through nine value-add vehicles and three separate accounts. Rockwood has offices in San Francisco, CA, White Plains, NY, and Los Angeles, CA, and manages a portfolio of approximately $2.9 billion of net equity value in approximately $7.0 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals, and family offices.
About Four Corners Properties
Four Corners Properties is a privately held, full service real estate development, investment and operating company with offices in San Francisco and Silicon Valley. FCP focuses primarily on value-add, urban infill opportunities of commercial properties within Northern California. Since its inception in 2005, FCP has completed the acquisition of 29 buildings totaling over 2.7 million square feet of office and R&D space, representing a total investment of approximately $600 million.