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LBA Flips Reno Row Asset

Just about a year after landing manufacturer Vander-Bend Manufacturing, LBA Realty has sold 2701 Orchard Pkwy to Gramercy Property Trust for about $44M, or three times what it paid for the San Jose property in 2011. The Silicon Valley Business Journal first reported the news, which was disclosed in a March 6 SEC filing. LBA did dump a good amount of money into the property to land Vander-Bend. The Orchard Parkway corridor has been named "Renovation Row" for the flurry of value-add rehabs there. One is Bixby's "THE" Campus, which is now full with leases from Verizon and ASML[SVBJ]