CIP Real Estate completed the $103.5-million acquisition of the Clipper Court Commerce Center, an industrial park in Fremont. Situated in the master-planned Bayside complex between the 880 Freeway 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% 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 of CIP Real Estate.
Newmark’s Steven Golubchik and Edmund Najera represented the undisclosed seller. Acquisition financing was provided by JPMorgan Asset Management through the Newmark Capital Markets team of Ramsey Daya and Chris Moritz.
Photo courtesy of Colliers.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).