FREMONT — A big industrial and research building in Fremont has been bought in a deal that shows that while the Bay Area office market wobbles in a post-coronavirus era, other commercial property types still entice investors.
Prologis bought the Fremont building from Blackstone for slightly under $86.6 million, according to documents filed on July 20 with the Alameda County Recorder’s Office.
The purchase was completed in the wake of an announcement by the two real estate titans that Prologis had agreed to buy from Blackstone a nationwide portfolio of industrial and research buildings.
“We’re pleased to be working with Blackstone on this deal,” said Dan Letter, Prologis president.
That transaction, revealed in late June, was valued at $3.1 billion, Prologis and Blackstone stated.
This acquisition expands Prologis’ presence in several key markets coast-to-coast, including the Bay Area, Central Valley and Southern California.
The Fremont building that Prologis has just bought is located at 48350 Fremont Boulevard.
Super Micro Computer is listed as the tenant in the building, according to Google Maps and regulatory filings.
The one-story Fremont building totals about 246,000 square feet and occupies a roughly 10.5-acre site, according to commercial property listing services.
“These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth.”