{"id":1004723627,"date":"2024-08-01T03:34:13","date_gmt":"2024-08-01T11:34:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004723627"},"modified":"2024-08-01T05:48:32","modified_gmt":"2024-08-01T13:48:32","slug":"cip-real-estate-pays-40m-for-san-jose-small-bay-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-40m-for-san-jose-small-bay-asset\/","title":{"rendered":"CIP Real Estate Pays $40M for San Jose Industrial Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004723628\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-40m-for-san-jose-small-bay-asset\/tully-business-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Tully Business Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg?w=1024\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg?w=1024\" alt=\"Tully Business Center\" class=\"wp-image-1004723628\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Tully-Business-Center.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Tully Business Center comprises six single-story buildings. <em>Image courtesy of CIP Real Estate<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>CIP Real Estate has acquired Tully Business Center, a small-bay, 143,221-square-foot industrial park in San Jose, Calif. Dollinger Properties sold the asset for $40 million. The Colliers team of Andy Zighelboim and Kevin Moul represented both parties.<\/p>\n\n\n\n<p>CIP owns other properties nearby as well, including Cabot Business Park in Hayward, Calif., and Bayside Tech Park in Fremont, Calif.<\/p>\n\n\n\n<p>And, barely a year ago, <a href=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/\">CIP acquired Clipper Court Commerce Center<\/a>, a 14-building, a 352,280-square-foot industrial park in Fremont from BKM Capital Partners. J.P. Morgan Asset Management provided acquisition financing for the $103.5 million deal that was brokered by Newmark.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tully-business-center-up-close\">Tully Business Center, up close<\/h2>\n\n\n\n<p>The Class B property came online in 1987, according to CommercialEdge information. The campus comprises six single-story buildings totaling 81 light\/flex industrial and R&amp;D units ranging from 500 to 5,000 square feet. Each building has grade-level loading.<\/p>\n\n\n\n<p>The 11-acre Tully Business Center is at 1310-1460 Tully Road, close to the 101, 280, 680 and 880 freeways, providing easy access to the Greater Bay Area.<\/p>\n\n\n\n<p>The asset was 92 percent leased at the time of sale. Its largest tenant is AM&amp;S Inc., an aerospace machine manufacturing company. CIP plans to invest more than $750,000 in property improvements, including project rebranding and the immediate upgrade of all vacant suites into \u201cready-to-lease\u201d condition.<\/p>\n\n\n\n<p>After advising earlier this year on the disposition of a 1.7 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/stockbridge-capital-group-sells-1-7msf-national-industrial-portfolio\/\">multi-state light industrial portfolio<\/a>, part of which is in San Jose, Cushman &amp; Wakefield commented that the small-bay niche remains in high demand for its ability to accommodate a variety of user types and hence sees continuing demand from investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Colliers team brokered the transaction.<\/p>\n","protected":false},"author":882,"featured_media":1004723628,"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":[33730,35498,45530],"class_list":["post-1004723627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-san-jose","category-west","tag-cip-real-estate","tag-colliers","tag-dollinger-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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