Value-Add Asset Located Across from Tesla’s Rapidly Growing Electric Car Factory
Fremont, CA (April 24th, 2018) – Rev Projects (Rev), a commercial real estate investment and development firm, announced the purchase of 46335 Landing Parkway in Fremont, CA in a transaction valued at $9,600,000. The seller of the building was an owner-user named Molex, a subsidiary of the industrial giant, Koch Industries.
The 52,000 square foot office and R&D building is a value-add investment located in the core of the Bayside Technology Park, directly across from Tesla’s expansive car-manufacturing factory. Tesla’s factory is creating an automobile supply chain in the area, which has attracted Tesla’s suppliers and a variety of other tenants, including artificial intelligence, robotics, and industrial firms. Other strong attributes of the property’s location include its visibility from the I-880 freeway and its proximity to the recently built Warm Springs Bart station.
Eric Wang, Principal of Rev Projects, commented, “This acquisition aligns with my strategy to seek after assets in the path of growth in emerging submarkets. Fremont is emerging in that sense as a location where tenants, including Facebook and Tesla and its suppliers, expanded their footprint and brought in interest from institutional investors. Many other commercial tenants relocated to Fremont after seeing the rent discount below the core Silicon Valley submarkets. Employers now understand that much of their tech workforce, as well-salaried as they are, just can’t afford the average median home price of $3.2 million in Palo Alto and have found a relatively affordable, high-quality of life in Fremont. A natural decision for these employers is to set up offices closer to their workforce.”
Rev will implement an extensive renovation plan to the recently vacated building and bring it to market-ready condition, making it available for occupancy in the second half of 2018. A leasing plan will engage prospective tenants seeking to occupy the entire building, or any of its smaller divisions of either 37,000 or 15,000 square feet.
For more information on Rev Projects, please visit the firm’s website, www.revprojects.com.