Overton Moore Parts Ways with The Crossings
- Aug 31, 2015
An affiliate of BlackRock Realty Advisors has acquired Crossings @ 880, an approximately 700,000-square-foot industrial warehouse in Fremont, Calif., from Overton Moore Properties.
The sale price wasn’t disclosed but The Silicon Valley Business Journal reported the figure at $133 million.
Crossings @ 880 is located on 40 acres at the juncture of Interstate 880 and Dixon Landing Road, and is the largest industrial business park built in the Bay Area in the past 15 years.
Overton Moore constructed the site in 2014, even though it had no deals in place for tenants. Once finished, the company had no problem filling the space in what was a strong industrial market.
The site consists of three, state-of-the-art industrial buildings, totaling more than 690,000 square feet of Class A spaces suitable for advanced manufacturing and warehouses. It’s situated along more than 3,600 feet of freeway frontage and was marketed to Silicon Valley tenants looking for a high identity location with prominent visibility, immediate distribution access to the I-880 and easy access to Highway 237.
At the time of the sale, The Crossings @ 880 was fully leased to tenants that included Apple Computer and Living Spaces.
According to Lee & Associates I-880 Corridor Industrial Market Report, the Fremont /Newark area continues to be one of the most dynamic industrial sub-markets in the East Bay. Lease rates and sale prices continue to climb, as space becomes more difficult to find. Many companies are relocating to Fremont/Newark from the south, as prices and availability in Silicon Valley proper continue to favor landlords and sellers.
The law firm Elkins Kalt Weintraub Reuben Gartside L.L.P. completed negotiations on behalf of Overton Moore, while Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro of CBRE represented them in the sale.
“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,” Timur Tecimer, Overton Moore’s CEO, said in a prepared statement.
Overton Moore owns and manages more than 6 million square feet of commercial property. Last year, Overton Moore acquired 18 acres of industrial land in Pomona, Calif., in another sizable purchase.