← Back to News CIP Sells Eden Landing Business Park Irvine, CA; July 2021 CIP Real Estate is pleased to report the sale of its Eden Landing Business Park located immediately adjacent to the 92 Freeway and San Mateo bridge in the East Bay City of Hayward, CA. The 195,000 square foot small bay flex/industrial park was sold for $46.0 million (about $236 per square foot of building area or $93 per land square footage) to a national real estate firm, which has plans to redevelop the site for larger industrial users. The company acquired the project in 2017 in a joint venture with its long time institutional investment partner, Alex. Brown Realty. The buyer has retained CIP Real Estate Property Services to perform property management at the park during the interim period before the commencement of the redevelopment. Eden Landing Business Park was originally developed in the 1970s by the Koll Company, but was in need of a substantial renovation which CIP Real Estate implemented and completed for over $3.0 million from 2018 to 2020. As a result of the restoration program, the occupancy at the park increased from approximately 70% at acquisition in November 2017 to over 95% at time of sale in July 2021. The investors in the project received just under a 20% levered internal rate of return over the almost four-year hold period, with a total multiple on the investment of about 2.4, an outstanding yield and consistent with recent “full term” deals at CIP Real Estate. The project was marketed for sale by the CBRE team of Darla Longo, Barbara Perrier, Rebecca Perlmutter, and Bob Ferraro. About CIP Real Estate CIP Real Estate is a full service real estate investment and management company focused on the acquisition, development, repositioning and management of industrial and business parks. Founded in 1995, CIP Real Estate has completed more than $1 billion in real estate transactions and owns and manages over 6.7 million square feet of quality real estate throughout California, Nevada, Georgia, Texas, North and South Carolina. ← Previous post Next post → CIP Real Estate 19762 MacArthur Blvd., Suite 300 Irvine, CA 92612 (949) 474-7030 Terms and Conditions Our Privacy Policy © Copyright 2021 CIP Real Estate. All rights reserved.