CIP Real Estate completed the acquisition of Tully Business Center of Silicon Valley for $40m.

CIP Real Estate, a full service real estate investment and management company, completed the acquisition of Tully Business Center of Silicon Valley, a commercial bank division of First Citizens BancShares, for $40m. “We are excited to acquire this unique property due to its size and premium location in San Jose. With Tully Business Center, our portfolio is gaining valuable space in one of Silicon Valley’s strongest industrial use submarkets,” Eric Smyth, CIP Real Estate CEO.