US property investor CIP Real Estate has acquired an industrial park in Fremont in California for $103.5m (€94.3m).
CIP said it has bought the Clipper Court Commerce Center situated in the master-planned Bayside complex between the 880 Freeway and the San Francisco Bay.
The property, which is currently 89% leased, consists of 352,280sqft of small and mid-bay industrial and flex units across 14 buildings.
CIP said it plans to invest over $5m in additional capital to help improve the asset.
Eric Smyth, CEO of CIP Real Estate, said: “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.”
CIP is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast and Texas markets.
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