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Renco Sells Bayside Industrial in Nine-Figure Deal

FREMONT, CA-JER Partners and TMG Partners acquire 1.02 million sf of office and R&D space in 16 buildings here for a price of around $128 million. The portfolio's average vacancy is around 40%.

By Brian K. Miller | Updated on September 26, 2005

FREMONT, CA-A 16-building 1.02-million-sf R&D/office portfolio within the Bayside Technology Park here has changed hands. Renco Properties of Sunnyvale sold the portfolio to a joint venture of TMG Partners of San Francisco and MacLean, VA-based JER Partners.

Built mostly in the 1980s, the portfolio is 60% occupied. The purchase price came in between $120 per sf and $130 per sf, according to local industry sources. At $125 per sf, the purchase price would be about $128 million.

Barclays Capital provided acquisition financing for the transaction. TMG Partners will manage the portfolio, which according to local sources say is projected to produce $9 million in net operating income for the new owner.

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