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Transactions - JULY 31, 2024

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CIP Real Estate acquires small-bay industrial part in San Jose $40 million

by RELEASED

CIP Real Estate announced the $40 million acquisition of Tully Business Center, a small-bay industrial park in San Jose.

The 143,221-square-foot project consists of six single-story buildings with 81 industrial and R&D units ranging in size from 500 square feet to 5,000 square feet, with grade-level loading at each building. The project represents the best-of-class in light industrial/flex industrial space in the vicinity.

“We are excited to acquire this unique property due to its size and premium location in San Jose,” said Eric Smyth, CEO at CIP Real Estate. “With Tully Business Center, our portfolio is gaining valuable space in one of Silicon Valley’s strongest industrial use submarkets.”

Located at 1310-1460 Tully Road, the project is close to the U.S. Route 101, Interstate 280, I-680 and I-880 freeways, providing easy access to the greater San Francisco Bay Area.

The project is 92 percent occupied, with the largest tenant an aerospace m

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