East Bay Logistics Park Trades for $33M
- Jan 25, 2021
Canyon Partners Real Estate, on behalf of CalPERS, has finalized the $33 million sale of Cabot Business Park, a 140,000-square-foot flex/industrial complex in Hayward, Calif. CIP Real Estate purchased the property in an off-market transaction.
Located on 11 acres at 23575, 23595, 23785 Cabot Blvd. and 3777 Depot Road, the park encompasses four buildings completed in 1986. At the time of the deal, the property was 90 percent leased to a mix of tenants including SGS North America, Forensic Analytical Sciences, Seika Machinery and Fastenal Co.
The asset last changed hands in 2017, when Canyon acquired the property in a joint venture with BKM Capital Partners for $18.1 million from Baillard, CommercialEdge data shows. The purchase was made through the Canyon Catalyst Fund, a CalPERS investment vehicle. Canyon executed a renovation program on the property, which included upgrades to the HVAC system and roof.
The new owner intends to invest some $600,000 in a capital improvement plan that will include transforming larger spaces into smaller, more marketable units. The complex has 50 suites ranging between 1,116 and 20,101 square feet.
Colliers International Executive Vice Presidents Robert Gilley, Kevin Moul and Andy Zighelboim negotiated on behalf of the seller. The buyer was represented in-house. Last year, BKM Capital Partners and Canyon Partners Real Estate purchased an 11-property industrial portfolio for 425.4 million. The assets are located in Arizona, California and Portland.