A four-building industrial complex in Milpitas has traded hands for $94 million, landing in the portfolio of a real estate firm tied to former presidential candidate Tom Steyer. The buyer, Galvanize Real Estate, snapped up the Cadillac Court campus in a deal that marks its first foray into California, and its plans go well beyond simply collecting rent.
Galvanize Real Estate bought Cadillac Court, a four-building industrial complex in Milpitas, for $94 million, according to The Real Deal. The property spans roughly 300,000 square feet, according to Galvanize itself, though The Real Deal separately cites the figure at 302,450 square feet — and is about 95 percent leased. Tenants at the complex include solar company Sunrun and KZ Kitchen Cabinet & Store, the outlet reports. The buildings sit at 901, 1123 and 1151 Cadillac Court, with the address of the fourth building reported differently across sources — The Real Deal lists it as 1001 Cadillac Court, while Bisnow lists it as 1021 Cadillac Court.
The acquisition marks Galvanize’s first California deal, The Real Deal reports. Galvanize Climate Solutions was co-founded in 2021 by Steyer, a 2020 presidential candidate and former California gubernatorial hopeful, along with business partner Katie Hall. The firm launched its Galvanize Real Estate platform in 2023 and made its first property acquisition the following year in Maryland, according to the same account. The Milpitas purchase pushed the platform’s nationwide footprint to 3.5 million square feet, per Galvanize’s own figures.
Power Capacity Becomes the Selling Point
Galvanize plans to increase Cadillac Court’s power capacity while improving energy efficiency with solar generation and battery storage, the report notes. Joseph Sumberg said Galvanize plans to enhance the portfolio’s efficiency while investing to meet growing industrial demand in Milpitas, and he expects the initiatives to benefit the local grid and attract high-quality tenants seeking reliable energy and price certainty, per the same account. Bisnow reports separately that the Cadillac Court buildings were constructed between 1991 and 1994 and have 8,000 amps of available power on site…