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San Francisco

Billionaire couple buys San Jose office complex in $85M deal

Stewart and Lynda Resnick’s Wonderful Company, owner of POM juice brand and Fiji Water, buys property leased until 2027

Stewart and Lynda Resnick and 350 Holger Way, San Jose (Loopnet, Getty)
Stewart and Lynda Resnick and 350 Holger Way, San Jose (Loopnet, Getty)

The holding company for billionaire couple Stewart and Lynda Resnick, whose business divisions include the POM Wonderful pomegranate juice brand and Fiji Water, has acquired an office building in San Jose in an $85 million deal.

The Wonderful Company paid $54 million, or nearly $560 a square foot, to purchase the 96,500-square-foot property at 350 Holger Way on the city’s north side, according to public records. The deal also included Wonderful’s assumption of a $30 million mortgage from Wells Fargo, the San Jose Mercury News reported.

The deal means that the three-story building has traded twice in less than three years; seller Thor Equities paid $50.5 million to acquire it in December 2020. New York-based Thor netted a 7 percent profit from the latest sale, which was recorded with the Santa Clara County Clerk-Recorder’s Office on Nov. 23.

Wonderful, known as Roll Global before being rebranded in 2015, claims on its website that the company’s various holdings include the world’s largest grower of tree nuts and flower delivery service, Wonderful Pistachios and Wonderful Almonds, as well as the U.S.’ largest citrus grower, Wonderful Halos. Its combined annual revenues top $5 billion, according to the LinkedIn page of its general counsel, Craig Cooper.

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Among Wonderful’s other holdings are Fiji Water, two vineyard and winery businesses, and Wonderful Real Estate, an investor and developer focused on office and industrial properties. The latter’s portfolio is mainly concentrated in central and southern California and doesn’t include any properties in the Bay Area, according to its website.

Representatives for Wonderful and Thor didn’t immediately respond to requests for comment. Newmark marketed the Holger Way building for sale and represented the latter in the deal.

KBS, which sold the property to Thor in 2020, replaced its heating, ventilation and air conditioning systems and its roof two years earlier, according to a previous news release from commercial brokerage CBRE. It also spent nearly $23 million to completely renovate its interior and exterior in 2019, according to past reporting by real-estate news company The Registry.

The building is fully leased to NXP Semiconductors through July 2027, The Registry said.

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Office Real EstateSan JoseThor Equities