As seen on Business Wire
BALTIMORE–Alex. Brown Realty, Inc. (ABR) and CIP Real Estate (CIP) have acquired the Eden Landing Business Park—a 195,044 sf flex industrial asset in Hayward, California. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $9.7 million in the joint venture. Financing was provided by Wells Fargo.
Spread over an 11-acre site, Eden Landing includes 10 buildings with both industrial and office components ranging in suite size from 200 to 7,000 sf. At acquisition the business park was 94% occupied by 105 tenants, representing a diverse range of industries. Eden Landing’s multiple buildings and suite sizes provide leasing flexibility, while also allowing tenants the ability to expand and grow within the portfolio.
The joint venture will immediately begin value-add improvements to the property. “The business plan contemplates $2 million in capital improvements,” said Eric Smyth, principal and co-founder of CIP. “Once complete, Eden Landing will be positioned to better compete with its competitive set, or even outperform it,” added Smyth.
Eden Landing offers tenants an excellent East Bay location with direct access to SR-92 and the San Mateo Bridge. The property also provides easy access to the San Francisco, San Jose and Oakland airports. “It’s a prime location for an industrial/flex user,” said Tom Burton, ABR’s chief investment officer. “Hayward’s industrial market is very healthy, with a low vacancy rate and limited new supply. We anticipate tenant demand and rental rate growth to remain strong.”
“CIP has proven an exceptional joint venture partner of ABR’s over many years,” commented John Prugh, president and CEO of ABR. “Under their experienced management, we anticipate Eden Landing will achieve excellent results for our investors.”