CalPERS sells business park in Silicon Valley for $33m

CIP Real Estate has acquired Cabot Business Park, a “best in class” flex/industrial park located in Hayward, Calif., a market in Silicon Valley, for $33 million. The seller was a partnership of Canyon Partners Real Estate on behalf of CalPERS,

It encompasses more than 140,000 square feet with 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. “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.”