12/9/2008

Intercontinental buys Silicon Valley industrial properties

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A Boston-based real estate development and management firm has purchased three Northern California industrial developments for $67.9 million.

Intercontinental Real Estate Corp. purchased the Silicon Valley Portfolio, which includes three projects that contain seven industrial buildings totaling 796,329 square feet. Together, the Milpitas Industrial Park in Milpitas and the Mabury Industrial Park in San Jose are 94 percent leased to 17 tenants.

CB Richard Ellis handled the transaction. Current tenants of the property include Kraft Foods, Flextronics and Loomis Fargo.

The facilities are close to Bay Area airports, freeways and the port.

Each facility offers high quality functional features including good clearance and bay spacing, access for truck traffic, yard storage opportunities and ample dock-high and grade-level loading.

Size: 796,329 square feet

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Filed Under: Industrial

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