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| Cabot Business Park, 23575, 23595, 23785 Cabot Boulevard and 3777 Depot Road in Hayward, CA |
IRVINE, CA, Jan. 22, 2021– CIP Real Estate LLC has acquired Cabot Business Park, a “best in class” flex/industrial park located in Hayward, California encompassing over 140,000 square feet, for $33.0 million in an off-market transaction with Canyon Partners Real Estate.
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| Eric C. Smyth |
The property is located at 23575, 23595, 23785 Cabot Boulevard and 3777 Depot Road in Hayward, California.
The asset is comprised of 50 suites that range from 1,116 to 20,101 square feet.
The property was approximately 90% leased at
the time of purchase to quality tenants such as SGS North America, Forensic
Analytical Sciences, Seika Machinery, and Fastenal Company.
“There is high demand in the multi-tenant industrial market and the acquisition of Cabot Business Park will add strong value to our Bay Area industrial portfolio,” says Eric Smyth, CEO of CIP Real Estate LLC.
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| Robert Gilley |
“These types of smaller bay flex/industrial parks rarely come available to purchase, particularly of this quality and location, so we acted quickly to secure the property and close within 30 days on an all-cash basis at year-end.”
Under its previous ownership, a partnership of Canyon Partners Real Estate on behalf of CalPERS, the property underwent renovations such as HVAC improvements, roofing, and other infrastructure enhancements.
CIP Real Estate LLC plans to
invest over $600,000 in immediate capital expenditures to the park, including
interior renovations to convert larger units to smaller, more marketable
suites.
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| Kevin Moul |
Situated just north of the I-92 freeway and the San Mateo Bridge, and only 25 minutes from San Francisco, Cabot Business Park provides a high-quality, low-cost alternative for tech and industrial companies in comparison to similar product located in the Peninsula markets.
“Small bay industrial/flex units are in very short supply in the East Bay, particularly at the entrance to the bridge crossings such as the nearby San Mateo Bridge and the 92 Freeway,” Smyth added.
“This property is a rare find, strategically located along the stretch of the
I-880, the major north-south corridor connecting San Jose to Oakland.”
About CIP Real Estate LLC
CIP Real Estate LLC 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.
Andy Zighelboim
Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 6.7 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, and Atlanta. www.ciprealestate.com
Contact:
Jordan Kruk
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714.928.5085
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