San Francisco, CA (April 6, 2021) — Newmark Knight Frank (“Newmark”) announces it has completed the $32.3 million (just over $279 per square foot) sale of Fremont Research Center, a two-building portfolio in Fremont, California. Located at 47200 Bayside Parkway and 3500 W Warren Avenue, the portfolio totals 115,537 square feet and is currently 100 percent leased to two life science and aerospace defense users.
Newmark’s Head of Northern California Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler, Director Darren Hollak and Associate Director Jack Phipps represented the seller, TA Realty, in the transaction to buyer Kennedy Wilson Fund VI.
“Fremont Research Center presented an investor with the opportunity to acquire an asset with stable in-place cash flow and value-add potential through the ability to mark-to-market the upcoming tenant expiration,” said Najera.
3500 West Warren Avenue, a 61,824-square-foot single-story building, serves as the headquarters for Intuity Medical, a leading life science medical device company. Intuity Medical conducts all product manufacturing in the lab space at the building. 47200 Bayside Parkway is a 53,713-square-foot partial two-story building fully leased to Mercury Systems. With occupancy at the property since 2005, Mercury Systems is a multinational aerospace and defense company.
Fremont Research Center is ideally located along the 880 Corridor in Fremont with convenient access to an abundance of retail amenities and immediate proximity to notable corporations such as Tesla. Fremont has emerged as a highly desirable location that offers an attractive rental discount while still providing convenient access to all the Silicon Valley has to offer, according to Newmark Research. Offering a current rental rate 30 percent lower than the overall Silicon Valley market, Fremont has lured multiple notable companies into relocating or expanding into Fremont over the past few years.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion.