CIP Real Estate acquires Bayside Industrial Complex in Fremont, Calif. for $103.5m
CIP Real Estate announced the $103.5 million acquisition of the Clipper Court Commerce Center, an industrial park in Fremont, Calif. Situated in the master-planned Bayside complex between Interstate 880 and 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 89 percent leased to a variety of technology and advanced manufacturing tenants, including BASF Corp., Hyundai Corp., Kaeser Compressors and CTEMS Company. CIP plans to invest more than $5 million in capital improvements.
“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 at CIP Real Estate.
Newmark represented the seller in the transaction. Acquisition financing was provided by J.P. Morgan Asset Management through Newmark Capital.