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CBRE Arranges Sale and Financing of Morgan Hill Industrial Site

CBRE Arranges Sale and Financing of Morgan Hill Industrial Site

The former Shoe Palace industrial facility in Morgan Hill, CA has been sold by Bridge Group Investments, LLC to Ridge Capital Investors & Westbrook Partners for $45 million. According to CBRE, Silicon Valley is one of the tightest industrial markets in the nation, and there are zero ground-up industrial building deliveries expected this year.

Scott Prosser, Joe Moriarty, Jack DePuy and Rebecca Perlmutter of CBRE’s Northern California Capital Markets along with Brian Matteoni and Chip Sutherland of the firm’s Silicon Valley office represented both parties in the deal. Matteoni and Sutherland will be retained as leasing brokers for the property as well. CBRE’s Mike Walker and Brad Zampa represented the buyer in securing a $39.5 million, three-year, non-recourse loan.

Located in the Morgan Hill Ranch Business Park, the 258,000-square-foot property is situated on 14.7 acres and features 30’ clear heights, four loading dock doors, four grade-level doors and 8,000 amps of power. The buyer plans to do significant upgrades to the 25-year-old facility.

Photo courtesy of Vantage Point Photography

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Inside The Story

CBRERidge Capital InvestorsScott ProsserMike Walker

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition
  • ◦Financing
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