Trammell Crow Company and its joint venture partner CBRE Investment Management have sold Butterfield 5 Technology Park, a 410,101-square-foot industrial park in Morgan Hill, Ca. to Invesco Real Estate.
The 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,” he added.
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.