CIP Real Estate Acquires Silicon Valley’s Tully Business Center for $40 million
2024年7月31日 - 9:15PM
CIP Real Estate announced today the $40 million acquisition of
Tully Business Center, a small-bay industrial park in San Jose,
California.
The 143,221-square-foot project consists of six
single-story buildings with 81 industrial and R&D units ranging
in size from 500 to 5,000 square feet, with grade-level loading at
each building. The project represents the best-of-class in light
industrial/flex industrial space in the vicinity.
“We are excited to acquire this unique property due
to its size and premium location in San Jose,” said Eric Smyth, CEO
of CIP Real Estate. “With Tully Business Center, our portfolio is
gaining valuable space in one of Silicon Valley’s strongest
industrial use submarkets.”
Home to much of Silicon Valley’s “physical tech,”
demand is strong for industrial properties throughout San Jose,
with vacancies below 2.7%. The city was recently ranked fourth in
the nation for quality of life by U.S. News & World Report,
highlighting its increasing desirability for both living and
working.
Located at 1310-1460 Tully Road, the project is
close to the 101, 280, 680 and 880 freeways, providing easy access
to the greater San Francisco Bay Area. CIP Real Estate’s Cabot
Business Park and Bayside Tech Park are located nearby in Hayward
and Fremont.
Currently, the project is 92% occupied, with the
largest tenant being an aerospace machine manufacturing company.
CIP Real Estate plans to invest over $750,000 in property
improvements, including project re-branding and the immediate
upgrade of all vacant suites in “ready to lease” condition.
The project seller is Dollinger Properties, and the
Colliers team of Andy Zighelboim and Kevin Moul represented the
parties.
About CIP Real EstateCIP Real
Estate is a full-service real estate investment company focused on
the acquisition, repositioning, re-branding, and management of
industrial assets throughout West Coast, Southeast and Texas
markets. Founded in 1995 and based in Irvine, CA, the company owns
and manages over 10 million square feet of quality properties, with
offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas,
Charlotte, Atlanta and Dallas. www.ciprealestate.com
Media Contact:Christine
ByrdChristine@writerbyrd.com