{"id":1004676610,"date":"2023-08-18T00:56:33","date_gmt":"2023-08-18T08:56:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004676610"},"modified":"2024-05-22T03:25:49","modified_gmt":"2024-05-22T11:25:49","slug":"cip-real-estate-pays-104m-for-bay-area-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/","title":{"rendered":"CIP Pays $104M for Bay Area Campus"},"content":{"rendered":"
\"The<\/a>

The new owner will invest $5 million to upgrade Clipper Court Commerce Center. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

CIP Real Estate<\/strong> has acquired Clipper Court Commerce Center, a 352,280-square-foot industrial park in Fremont, Calif. BKM Capital Partners<\/strong> sold the 14-building property for $103.5 million with the assistance of Newmark<\/strong>, while\u00a0J.P. Morgan Asset Management<\/strong> provided acquisition financing. The property last traded in 2017, when BKM Capital Partners and Canyon Partners Real Estate purchased the asset for $72 million.<\/p>\n

Completed between 1987 and 1990, buildings at Clipper Court Commerce Center range between 33,706 and 82,600 square feet. The entire property is used as office, flex, R&D and industrial space and has units ranging from 1,041 to 10,000 square feet, grade level and loading docks and three car parking spaces per 1,000 square feet. The campus has upgraded interiors which include ADA restrooms, kitchenettes and fire sprinklers. The new owner plans to invest $5 million in improvements.<\/p>\n

\n

READ ALSO:<\/strong> CIP Real Estate’s CEO is Still Keen on Industrial. Here’s Why<\/a><\/p>\n

\n

The tenant roster includes technology and advanced manufacturing companies such as BASF Corp., Hyundai Corp., Kaeser Compressors and CTEMS Co. The property was 89 percent occupied at the time of the sale.<\/p>\n

Located at 4005-4124 Clipper Court and 46704 and 46720 Fremont Blvd., the commerce park is between the 880 Freeway and San Francisco Bay. The property is 12 miles from downtown San Jose and some 40 miles from downtown San Francisco. Tesla Engineering, Seagate, Fremont Tech Center, Zoox Kato Warehouse and FedEx are situated nearby.<\/p>\n

The Newmark team representing the seller included Executive Vice Chairman & President Steven Golubchik and Vice Chairman Edmund Najera. Vice Chairman Ramsey Daya alongside Executive Managing Director Chris Moritz with Newmark Capital Markets arranged the acquisition financing.<\/p>\n

Bay Area: Top industrial market<\/h2>\n

Year-to-date as of June, industrial sales amounted to $1.2 billion in the Bay Area, coming in second only after the Inland Empire, which registered $2.4 billion in transactions, a recent CommercialEdge report<\/a> shows.<\/p>\n

Some other recent acquisitions in the area include Peninsula Land & Capital acquiring Oakland Road Business Park<\/a> from Link Logistics. The 177,117-square-foot campus in San Jose, Calif., traded for $37.2 million. Earlier this month, Prologis bought a 246,450-square-foot industrial and research building<\/a> in Fremont, Calif., from Blackstone. The asset changed hands for $86.6 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Clipper Court Commerce Center previously traded in 2017.<\/p>\n","protected":false},"author":2829,"featured_media":1004676611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,36079,15],"tags":[33648,36998,33730,33651,50999],"class_list":["post-1004676610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-san-jose","category-west","tag-bkm-capital-partners","tag-canyon-partners-real-estate-llc","tag-cip-real-estate","tag-jp-morgan-asset-management","tag-newmark"],"acf":[],"yoast_head":"\nCIP Pays $104M for Bay Area Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CIP Real Estate has acquired Clipper Court Commerce Center, a 14-building, 352,280-square-foot industrial campus in Fremont, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIP Pays $104M for Bay Area Campus\" \/>\n<meta property=\"og:description\" content=\"CIP Real Estate has acquired Clipper Court Commerce Center, a 14-building, 352,280-square-foot industrial campus in Fremont, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-18T08:56:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-22T11:25:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"890\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/\",\"name\":\"CIP Pays $104M for Bay Area Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg\",\"datePublished\":\"2023-08-18T08:56:33+00:00\",\"dateModified\":\"2024-05-22T11:25:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"CIP Real Estate has acquired Clipper Court Commerce Center, a 14-building, 352,280-square-foot industrial campus in Fremont, Calif.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg\",\"width\":890,\"height\":666,\"caption\":\"The new owner will invest $5 million to upgrade Clipper Court Commerce Center. 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