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1/25/21
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CIP Real Estate LLC has acquired Cabot Business Park, a “best in class” flex/industrial park located at 23575, 23595, 23785 Cabot Blvd and 3777 Depot Rd in Hayward. The 140k sf asset was sold by a partnership of Canyon Partners Real Estate, on behalf of CalPERS, in an off-market transaction for $33 mil ($236/sf).
Cabot Business Park is comprised of 50 suites that range from 1.1k sf to 20.1k sf in size. The property was approximately 90% leased at the time of purchase to quality tenants such as SGS North America, Forensic Analytical Sciences, Seika Machinery, and Fastenal Company.
Under its previous ownership, the property underwent renovations such as HVAC improvements, roofing, and other infrastructure enhancements. CIP Real Estate LLC plans to invest over $600k in immediate capital expenditures to the park, including interior renovations to convert larger units to smaller, more marketable suites.
Situated just north of the I-92 Fwy and the San Mateo Bridge, and only 25 minutes from San Francisco, Cabot Business Park provides a high-quality, low-cost alternative for tech and industrial companies in comparison to similar product located in the Peninsula markets.
“Small bay industrial/flex units are in very short supply in the East Bay, particularly at the entrance to the bridge crossings such as the nearby San Mateo Bridge and the 92 Freeway,” says Eric Smyth, CEO of CIP Real Estate LLC. “This property is a rare find, strategically located along the stretch of the I-880, the major north-south corridor connecting San Jose to Oakland.”
CIP Real Estate LLC represented itself in the transaction. Canyon Partners Real Estate was repped by Robert Gilley, Kevin Moul and Andy Zighelboim of Colliers International’s San Francisco office.
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