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Morgan Hill tech and industrial park is grabbed by real estate investor

MORGAN HILL — A big new — and empty — tech and industrial park in Morgan Hill has been bought by a veteran real estate investment firm in a deal that tops $100 million.

Butterfield 5 Tech Park has been purchased for $119.3 million by an affiliate of Invesco Real Estate, according to documents filed on June 17 with the Santa Clara County Recorder’s Office.

The complex totals 410,100 square feet and consists of five large tech and industrial buildings, according to documents on file with the Morgan Hill Planning Department.

CBRE, a commercial real estate firm, arranged the purchase of Butterfield 5 Tech Park.

Building in Butterfield 5 tech and industrial park located on Butterfield Boulevard between Sutter Boulevard and Digital Drive in Morgan Hill, concept. 

Trammell Crow, a big commercial real estate firm that sold the buildings to Invesco, was represented in the transaction by Rebecca Perlmutter, an executive with CBRE National Partners.

“Demand for space that can cater to industrial, manufacturing and life sciences continues to grow in Northern California,” said Rob Shannon, a CBRE executive vice president.

The just-purchased project, whose construction was completed recently, could be poised to provide the kind of space that companies are seeking.

“Butterfield 5 has the flexibility to customize its space to meet the evolving needs of tenants,” Shannon said.

CBRE brokers Shannon, Chip Sutherland and Brian Matteoni will handle ongoing leasing to attempt to attract tenants to the tech park.

File source

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