FREMONT, CA–A 117,000-square-foot R&D building at Bayside Technology Park located at 46555 Landing Parkway was acquired in a joint venture between TMG Partners and Farallon Capital Management LLC. Chip Sutherland, Sherman Chan and Ben Rojas of CBRE represented both parties in the transaction. The seller was an undisclosed partnership and the acquisition price was undisclosed.
TMG has been active in Fremont for the past decade. Overall, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban infill locations to mixed-use and single-story suburban buildings.
David Cropper, managing director, TMG Partners, tells GlobeSt.com:
"We identified the Fremont market as one that offers a unique combination of residential, office and business amenities, and believe that property there is ideal for today's tenants demanding that combination. We have never seen the kind of tenant demand velocity that exists today."
The building is adjacent to Club Sport Fremont, the Tesla plant, hotels, numerous restaurants, big-box retail and other notable manufacturers. It is near the Mission Interchange of Interstates 880 and 680.
“We bought a high-quality building with good bones and ample power at a very attractive low cost, which allows us to be very competitive in a hot market where vacancy has been cut in half during the last three years,” said Brian Fleming, partner at TMG Partners.
The manufacturing facility includes a combination office, lab and open warehouse space. Formerly occupied by SGI and LAM, plans are to invest capital to bring the building up to market standard and lease to a growing company in Fremont.
“We look forward to partnering with TMG to enhance this property in a market that is experiencing significant demand expansion,” said Rocky Fried, managing member at Farallon. “This transaction is another example of our collaboration with TMG to source and then manage high-quality properties in Northern California.”
Farallon Capital Management L.L.C. is a global institutional asset management firm which manages approximately $19.5 billion for institutions. It is currently investing capital for Farallon Real Estate Partners, which targets income-producing office, multifamily, retail and industrial properties. Farallon is headquartered in San Francisco and has offices in London, Singapore, Hong Kong, Tokyo and Sao Paulo.
TMG is a mixed-use property developer also headquartered in San Francisco and has developed more than 23 million square feet of property throughout the Bay Area, including Emeryville, Marin City, Novato, Mountain View, San Bruno, San Jose and San Francisco.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
