CIP Real Estate Acquires Tully Business Center In San Jose For $40 Million

This transaction involved the acquisition of an industrial park known as the Tully Business Center, located at 1310-1460 Tully Road, San Jose. The property encompasses 143,221 square feet and consists of 81 units, currently achieving a 92% occupancy rate. The deal was finalized at a total price of $40,000,000, translating to a price per square foot of approximately $279.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $40,000,000
• Square Footage: 143,221
• Address: 1310-1460 Tully Road
• Market: San Jose
• Seller: Dollinger Properties
• Buyer: Eric Smyth - CIP Real Estate
• Broker Representatives: Andy Zighelboim & Kevin Moul - Colliers
• Occupancy Rate: 92%
• PPSF: $279

In this transaction, CIP Real Estate's acquisition enhances its strategic footprint in Silicon Valley's industrial sector. The company intends to invest over $750,000 in upgrades to the property, further positioning it within the competitive market landscape.