FREMONT, CA-A trend in Northern California as of late seems to be land purchases for spec development. Just a few days ago, Trammell Crow Co. and joint venture partner Principal Real Estate Investors purchased a 57-acre land site from Cisco Systems Inc. located near the existing Cisco campus in North San Jose, CA and is evaluating a number of opportunities including speculative industrial development, land parcel sales and build-to-suits, and now, Overton Moore Properties is doing the same.
Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned the Los Angeles-based developer and investor purchased 40.5 acres just a bit north in Fremont, CA. The property situated along more than 3,600 feet of freeway frontage on the I-880 Freeway at the Dixon Landing exit will be called The Crossings @ 880.
The Crossings @ 880 will consist of three state of the art industrial buildings representing 700,000 square feet. With over 168,000 traffic counts a day along I-880, the Crossings @ 880 will be marketed to Silicon Valley users looking for easy access to Highway 237, class A best in class facilities, corporate users looking to establish a high identity headquarters location with prominent visibility, and distribution users who want immediate access to the I-880 and infill markets within the San Francisco Bay Area, according to a prepared statement.
“This land acquisition is a unique opportunity that surfaces once every 10 years,” explains Timur Tecimer, president of OMP. “The location, size of parcel and freeway access is tremendous and we are very excited to re-enter the Fremont market.”
Site work will begin in August with delivery of the buildings in the second quarter of 2014. The three buildings will range from 175,000 to 315,000 square feet and feature attractive storefront entry's, mature landscaping, clear story glass wrapping around the buildings, dock high loading, 145-150' truck load courts, 30-32' clear height, ESFR sprinkler system, extra trailer storage and parking counts up to a 2/1000 for manufacturing users.
The purchase price of the land was $8.15 million, so, according to Tecimer, “OMP will have a significant cost advantage compared to new competitive projects in the planning or development stages.”
OMP acquired the property from King & Lyons. Both parties were represented by Rob Shannon, from the CBRE San Jose office. Shannon will be the exclusive leasing agent for the project along with Joe Kelly.
Shannon notes that "This project is the perfect combination of great sponsorship, a fabulous location and timely delivery to address the growing need for advanced manufacturing facilities for both domestic expansion and the re-shoring of current overseas functions.”
The Crossings @ 880 is a joint venture between OMP and Chicago based, LaSalle Investment Management. The architect for the project is Ware Malcolm.
As GlobeSt.com previously reported, the demand is there for industrial. Cyndi Thomas, VP of Urdang Capital Management, recently pointed out that “There is growing demand for large manufacturing and warehousing facilities as multinational technology firms expand aggressively and attract suppliers to the region.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
