Intercontinental buys $68m industrial portfolio

The Boston-based real estate fund manager has bought three industrial complexes in Silicon Valley, California just days after selling a Massachusetts office block for a 9% profit.

Intercontinental Real Estate Corporation has acquired a portfolio of three industrial buildings in California for around $67.9 million.

The Boston-based real estate investment firm said in a statement it had bought the Silicon Valley properties in Fremont, Milpitas and San Jose on behalf of its open-ended US Real Estate Investment Fund.

According to sales data from Real Capital Analytics, Fremont Industrial Park was bought for around $20.3 million; the Milpitas Industrial Park was bought for around $28.9 million and Mabury Industrial Park for around $18.7 million.

It comes less than a week after Intercontinental sold the Massachusetts office complex, the Centennial Corporate Center, for $46.5 million – four years after originally buying the building for $42.3 million, a 9 percent profit.

The firm bought the property at 10 Centennial Drive, in Peabody, Massachusetts, through its $350 million Intercontinental Real Estate Investment Fund III in February 2004 from Principal Global Investors, according to sales data from Real Capital Analytics.

In a statement last week, Intercontinental said it had sold the property to Children’s Extended Care Center for an undisclosed sum. RCA reported the sales figure to be $46.5 million.