A 22.5-acre retail property in Fremont is once again trading hands after it was last acquired only one month ago. According to reporting by The Mercury News, the property has been sold to an affiliate of Ares Management Group for $83.3 million.
The property – which is currently developed with an Asian shopping center called the Globe Mall – is located across several parcels of land at 40517-40525 Albrae Street and 6000 Stevenson Boulevard. According to previous reporting by The Registry, the shopping center last traded in April to Scannell Properties and an entity affiliated with APIC The Globe. At the time, Scannell Properties paid $52.5 million for six different parcels totaling 22.5 acres. An additional 2.5 acres were sold to APIC The Globe for $11.1 million.
At the time of the April transaction, Scannell Properties announced plans to redevelop the mall as a mixed-use tech and industrial development. The project would add 397,000 square feet of industrial space at 40525 Albrae Street, with plans to be completed in approximately 11 months from start to finish.
The project site, which is located just off of Interstate 880, would be called Tech Center @ 880 and appears to still be in the works as Ares Management has hired Scannell Properties to be the developer of the site.
The project would add to Scannell Properties’ growing global portfolio. Founded in 1990 in Indianapolis, the company’s portfolio spans markets across California, Washington, Texas and has recently grown to encompass parts of Europe and Canada as well.
The project would also benefit from its financial backing by Ares Management, which currently has $325 billion worth of assets under management. In recent financial earnings reports, the Colorado-based global investment firm also reported $206.7 million earned after taxes in the first quarter of 2022.
“Despite the challenging markets and significant volatility, we continued our strong growth in our core financial metrics during the first quarter, including 59 percent year-over-year growth in our fee related earnings,” Michael Arougheti, chief executive officer and president of Ares, said in the earnings statement. “With a record $92 billion of available capital to invest, a robust fundraising pipeline over the next 18 months and compelling fund performance, we remain well positioned to make opportunistic investments and to continue our earnings growth in the coming quarters and years.”
