(EDITOR’S NOTE: According to a report by the San Jose Mercury News, the property sold for $119 million, or roughly $290 per square foot. The complex is comprised of five buildings, and the pricing for each was: Building 1, 18225 Butterfield Blvd., 85,456 square feet: $24.75 million; Building 2, 18215 Butterfield Blvd., 82,446 square feet: $24 million; Building 3, 18120 Sutter Blvd., 80,156 square feet: $23.25 million; Building 4, 18125 Sutter Blvd., 91,738 square feet: $26.75 million; Building 5, 18115 Sutter Blvd., 70,305 square feet: $20.5 million.)
Invesco Real Estate Purchased the Recently Completed 410,000-SF Industrial Park in Morgan Hill
Trammell Crow Company (TCC), a global commercial real estate developer, and JV partner CBRE Investment Management, on behalf of one of its funds, announce the sale of Butterfield 5 Technology Park in Morgan Hill, Ca. to Invesco Real Estate, a global real estate investment manager. The 410,101-square-foot industrial park was completed earlier this year and includes five Class A buildings suited for Silicon Valley industrial users.
“We are pleased to have delivered a state-of-the-art industrial park in Morgan Hill, a Silicon Valley community that we are proud to have partnered with over the past several years,” said Will Parker, Principal with TCC’s Northern California office. “Morgan Hill is poised for thoughtful, continued growth. Butterfield 5 Technology Park will provide local jobs and will serve as an attractive environment for established and expanding companies in the area.”
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. HPA, Inc. was the project’s architect, while Lusardi Construction acted as the general contractor.
Rebecca Perlmutter with CBRE National Partners represented the sellers in the disposition. The CBRE leasing team of Rob Shannon, Chip Sutherland and Brian Matteoni will continue to handle marketing and leasing for the industrial park.
“The property’s access to Silicon Valley and high concentration of talent in technology, life sciences and manufacturing is highly desired amid 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 customize it to meet the evolving needs of tenants,” said Rob Shannon, Executive Vice President of CBRE.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $92.0 billion in real estate assets under management, 592 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com.