Invesco Real Estate has bought a 410,000sqft industrial park in the US from CBRE Group subsidiary Trammell Crow Company (TCC).
TCC and CBRE Investment Management, on behalf of one of its funds, have sold the newly constructed Butterfield 5 Technology Park in Morgan Hill in California for an undisclosed amount.
Butterfield 5 Technology Park is located on a 24-acre site west of Highway 101 and near Morgan Hill’s central business district at Butterfield Boulevard and Sutter Boulevard.
Rob Shannon, executive VP of CBRE, said the property’s access to Silicon Valley and high concentration of talent in technology, life sciences and manufacturing is highly desired amid a limited supply of flex space.
“Demand for space that can cater to industrial, manufacturing and life sciences continues to grow in Northern California, and Butterfield 5 has the flexibility to customise it to meet the evolving needs of tenants.”
To read the latest edition of the latest IPE Real Assets magazine click here.