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.
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.
“Morgan Hill is poised for thoughtful, continued growth,” said Will Parker, a principal executive with the Northern California office of Trammel Crow.
The purchase of the tech park points to ongoing interest by big-time investors such as Invesco, the new owner. But the complex also has the potential to be an employment hub.
“Butterfield 5 Technology Park will provide local jobs and will serve as an attractive environment for established and expanding companies in the area,” Parker said.
