FREMONT — A Fremont enterprise park that’s 4 many years outdated has been purchased by one of many nation’s largest builders, a serious Texas-based participant that’s changing into more and more energetic in Bay Space actual property.
Hines, a improvement agency with a world attain, has paid $54.6 million for a five-building superior manufacturing and industrial advanced on Heat Springs Boulevard close to Hammond Avenue, in response to paperwork filed on June 24 with the Alameda County Recorder’s Workplace.
Houston-based Hines obtained the buildings in an all-cash deal, the county paperwork present.
The lately bought buildings collectively whole 148,100 sq. ft, in response to the LoopNet business property listings service.
The buildings have been inbuilt 1982, 1983 and 1984, a LoopNet publish states.
It’s attainable that the land beneath the constructing is what significantly enticed Hines in its buy.
Below some improvement eventualities with present zoning and density guidelines, it may be attainable to develop a contemporary advanced totaling 300,000 sq. ft to exchange the prevailing buildings that whole about 148,000 sq. ft.
Hines in latest months has develop into very energetic in actual property endeavors within the Bay Space. Some efforts contain main redevelopment initiatives or the creation of brand-new buildings on large websites.
Previous to the purchases in Fremont’s Heat Springs district, Hines accomplished a number of main property purchases throughout 2021.
Hines has spent a minimum of $1.02 billion buying actual property within the Bay Space in simply 5 property offers during the last 15 months, in response to public property paperwork:
Among the many Hines purchases from Could 2021 via June 2022:
— $800 million to purchase a multi-building workplace hub in San Francisco the place PG&E had been based mostly for many years. After promoting the advanced to Hine, PG&E shifted its headquarters to downtown Oakland.
— $62.3 million for 550 Piercy Highway in San Jose, a big chunk of land totaling 29.4 acres.
— $59.6 million for 150 S. First St. in downtown San Jose, a giant knowledge, retail and restaurant constructing that’s ripe for redevelopment or reconstruction.
— $47 million for Dixon Land Analysis Park on Milmont Drive in Fremont.
The five-building Fremont Enterprise Middle that Hines lately purchased is situated within the rising Fremont Innovation District.
The Innovation District is a hub of tech firms, cutting-edge corporations and new business and actual property improvement efforts within the neighborhood of the Heat Springs BART station.