MWest Properties, a joint venture that includes the Caisse de dépôt et placement du Québec’s Ivanhoé Cambridge, has acquired commercial buildings from Carr Properties in North San Jose, Calif.
Financial terms of the deal were not disclosed.
The purchase includes 12 R&D and corporate office buildings totalling 825,000 square feet.
“These are quality, well-managed assets with good credit tenancies in place in a market that has seen rental increases and improved vacancy rates and which continues to experience strong employment growth,” says Justin Wesley, managing director at MWest.
MWest Properties is a venture that was formed by DivcoWest, Ivanhoé Cambridge and TPG Real Estate in December 2012. The company’s holdings now include more than 7.1 million square feet of commercial office and R&D space across 85 properties in Silicon Valley.
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