FREMONT, CA—The Crossings @ 880, an industrial property development located at the juncture of Interstate 880 and Dixon Landing Road, has sold to a New York fund. The seller was Overton Moore Properties (OMP). The Crossings @ 880, situated along more than 3,600 feet of freeway frontage, consists of three industrial buildings, totaling more than 690,000 square feet of class-A space suitable for advanced manufacturing and warehouses.
The initial acquisition consisted of 40 acres in Fremont, CA, followed by the joint venture with Chicago-based LaSalle Investment Management. Construction began in 2014 and was completed in the first quarter of 2015. The Crossings @ 880 is the largest industrial business park to be constructed in the Bay Area in the past 15 years.
The development was marketed to Silicon Valley tenants looking for a high identity location with prominent visibility, immediate distribution access to Interstate 880 and easy access to Highway 237. The Crossings @ 880 is already fully leased to tenants that include Apple with 280,000 square feet and Living Spaces with 330,000 square feet. Overton Moore then made the decision to put the property on the market and solicited competitive bids.
Keith Elkins, a founding partner of Elkins Kalt, tells GlobeSt.com: "It was very gratifying to see talent rewarded as OMP and its joint venture partner, LaSalle Investment Management, executed at a very high level, built a first-rate product that attracted very high-quality tenants, and was then able to successfully market the campus at a great time in the real estate cycle that attracted a large number of competitive institutional buyers.”
Elkins Kalt Weintraub Reuben Gartside LLP, a Los Angeles law firm with expertise in commercial real estate law, successfully collaborated with OMP on a multitude of negotiations for the project, from beginning stages through development, lease-up and ultimate disposition.
"Keith Elkins and his team at Elkins Kalt played an instrumental role in navigating us through the negotiations while offering invaluable strategic advice in connection with this project, from our original land acquisition and joint venture structure through the development, lease-up and sale of the project," said Timur Tecimer, CEO of OMP.
Privately held Overton Moore Properties owns and manages more than 6 million square feet of commercial property. Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro of CBRE represented OMP in the sale.
“We are very fortunate to work with many of the top developers around the country and Overton Moore Properties is certainly among them, We've enjoyed serving as counsel to OMP on a multitude of very successful projects, and The Crossings @ 880 was a particularly exciting and fast moving project from the initial land acquisition through development, lease-up and the ultimate disposition of the campus,” Elkins concludes.
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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.
