After it was recently placed on the market in April, a 148,100 square-foot industrial complex in Fremont has sold for $54.6 million, or roughly $368 per square foot. The property, known as Fremont Business Center, was purchased by Houston-based commercial real estate investment company Hines, according to reporting from The Mercury News.
The property is located across five manufacturing buildings and includes the following addresses: 101,103, 213 and 225 Hammond Avenue, 47800, 47810 and 47850 Westinghouse Drive and 47747, 47757, 47777, 47811, 47825 and 47853 Warm Springs Boulevard. Built over a three-year period from 1981 to 1983, the property covers 9.84 acres.
A marketing brochure for the property shows that it was also fully leased to 13 tenants at the time it was placed on the market, with tenants including Tesla, InTest Corporation, Hewlett Packard Enterprise and Actelis Networks.
The property was sold by Newport Beach, Calif.-based CIP Real Estate, which placed the property on the market for $52 million, or $350 per square foot, according to previous reporting from The Registry. CIP Real Estate previously purchased the industrial complex in 2019 for approximately $30.5 million.
The new owner, Hines, was founded in 1957 and has since grown its presence to encompass properties in 285 cities in 28 countries. Currently, the company has $90.3 billion worth of investment assets under management. Hines has 198 developments currently underway and has developed and/or acquired 1,530 properties totaling over 511 million square feet across the globe.