The Eden Landing Business Park in Hayward, California has been acquired by a joint venture between Alex. Brown Realty and CIP Real Estate. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $9.7 million in the joint venture. The 195,044 square foot asset sits on a 110 acre site. The 10 building facility is a mixture of both industrial and office components with units ranging in size from 200 to 7,000 sf. At the time of the purchase the business park was 94 percent occupied by 105 tenants. The partners plan to immediately begin 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,”
