IRVINE, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- 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 Estate
CIP 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
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