LOS ANGELES — Elkins Kalt Weintraub Reuben Gartside LLP, a Los Angeles law firm with particular expertise in commercial real estate law, has completed negotiations on behalf of its client Overton Moore Properties for the sale of The Crossings @ 880, a San Francisco Bay Area industrial property development, to a New York fund.
Elkins Kalt collaborated with Overton Moore on multiple negotiations for the project, from its nascent stage through development, lease-up and ultimate disposition. The Crossings @ 880 is the largest industrial business park to be constructed in the Bay Area in the past fifteen years.
“Keith Elkins and his team at Elkins Kalt played an instrumental role in navigating us through the negotiations while offering invaluable strategic advice in connection with this project, from our original land acquisition and joint venture structure through the development, lease-up and sale of the project,” said Timur Tecimer, CEO of Overton Moore.
Overton Moore worked with Elkins Kalt at the earliest stages of the project, a joint venture with Chicago-based LaSalle Investment Management. Elkins Kalt played an instrumental role in the negotiations for the complex acquisition of the land, 40 acres located at the juncture of Interstate 880 and Dixon Landing Road in Fremont, CA, as well as the joint venture, the development of the property, the lease-up and the property sale.
The Crossings @ 880, situated along more than 3,600 feet of freeway frontage, consists of three, state-of-the-art industrial buildings, totaling more than 690,000 SF of Class A spaces suitable for advanced manufacturing and warehouses. The development was marketed to Silicon Valley tenants looking for a high identity location with prominent visibility, immediate distribution access to the I-880 and easy access to Highway 237. The Crossings @ 880 is already fully leased to tenants that include Apple Computer, with 280,000 SF, and Living Spaces, with 330,000 SF.
Overton Moore made the timely decision to put the property on the market a little earlier than originally planned, taking into account the current excellent business climate. Taking advantage of the large amount of capital seeking to invest in industrial real estate in the East Bay Area, the owners successfully solicited competitive bids for the best value to both seller and buyer.