CenterPoint Acquires Large Off-Market Site in Fremont for $86MM

CenterPoint Acquires Large Off-Market Site in Fremont, CA
Courtesy of CenterPoint

(EDITOR’S NOTE: According to sources familiar with the deal, the asset traded for $86 million. Public records show that the seller is an entity associated with Boyce Road Properties LLC and Moishe Mana of New Jersey, City N.J. According to multiple sources familiar with the deal, the acquisition brings CenterPoint’s investments in Northern California tumor than $100 million during the fourth quarter. The acquisition was also notable, said sources, because the building area covers less than 35 percent of the site–leaving plenty of room for expansion.)

OAK BROOK, IL – CenterPoint Properties has snapped up a strategic property in the East Bay’s industrial hotbed at 41099 Boyce Road in Fremont, CA. The acquisition consists of two buildings totaling 208,180 square feet on the 13.69-acre site.  

“The Newark/Fremont submarket is near the top of the heap of Bay Area’s highest rents and leasing activity,” said JP Perez, CenterPoint’s investment manager. “The top tech, e-commerce and life science companies in the country continue to absorb space at a rapid rate in this submarket. The subject property benefits from a central location that offers tenants the ability to service the nearby 880-corridor, the San Francisco Peninsula across the Dumbarton bridge, as well as the Silicon Valley to the south,” Perez emphasized.  

41099 Boyce Road was 100 percent leased to two tenants at closing. The property has several attractive features, including a 28-foot clear height warehouse, multiple points of ingress and egress, a fully secured rectangular site configuration and less than 35 percent site coverage.  

“CenterPoint is excited to plant its flag in the Fremont submarket with this acquisition that aligns with our philosophy of acquiring low-coverage infill real estate in dynamic locations,” offered Evan Lippow, senior vice president of investments at CenterPoint. “CenterPoint has now invested $100 million in the Bay Area in the fourth quarter of 2021 alone. As a company, we’re striving to replicate this investment volume in the Bay Area every quarter in 2022.”

Jordan Lara of DAUM Commercial Real Estate Services brokered the off-market sale-leaseback transaction. 

CenterPoint’s latest Northern California acquisition comes on the heels of another East Bay purchase it recently made in neighboring Hayward. It also put the finishing touches on a state-of-the-art facility, CenterPoint Landing at Oakland Seaport, 30 miles northwest of the Boyce property.

About CenterPoint Properties

CenterPoint is an industrial real estate company made of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve.

West Coast Commercial Real Estate News