IRVINE, Calif., Aug. 16, 2023 (GLOBE NEWSWIRE) — CIP Real Estate today announced the $103.5 million acquisition of the Clipper Court Commerce Center, an industrial park in Fremont, CA. Situated in the premier master-planned Bayside complex between the 880 Freeway and the San Francisco Bay, the property consists of 352,280 square feet of small and mid-bay industrial and flex units across 14 buildings.
The property is currently 89% leased to a variety of technology and advanced manufacturing tenants including BASF Corp., Hyundai Corp., Kaeser Compressors and CTEMS Company. CIP plans to invest over $5 million in additional capital improvements to bring this rare large industrial park to best-in-class status in the East Bay.
“We look forward to acquiring this unique property due to its size and premium location in Fremont, and gaining valuable space in the East Bay industrial market,” said Eric Smyth, CEO of CIP Real Estate.
The Newmark team of Steven Golubchik and Edmund Najera represented the seller in the transaction. Acquisition financing was provided by J.P. Morgan Asset Management through the Newmark Capital Markets team of Ramsey Daya and Chris Moritz.
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. Founded in 1995 and based in Irvine, CA, the company owns and manages over 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com