Hines and Oaktree Capital Administration have secured a development mortgage to construct a producing and logistics facility on a property in Fremont that Hines bought in 2021.
The companions are planning a 267K SF campus at 49000-49090 Milmont Drive. Three tech buildings courting again to the Nineteen Eighties can be demolished to make room for the commercial campus, based on a report within the San Francisco Enterprise Instances.
CBRE organized the mortgage and can deal with leasing for the brand new Class A superior manufacturing and distribution middle, which can be often called Milmont Industrial.
Hines purchased the property, then often called Dixon Touchdown Analysis Park in 2021 for $47M. Building on the brand new facility is anticipated to start early subsequent 12 months.
Based on the report, Hines is anticipating excessive tenant demand for the mission, resulting from its dimension and the shortage of developable land within the space north of San Jose. The Milmont Drive location for the mission is an infill web site that’s in proximity to a Tesla Motors automobile manufacturing unit.
The brand new Milmont Industrial middle will be part of the Heat Springs District, a focus of superior manufacturing firms in a wide range of progress sectors, together with electrical automobiles, clear know-how and life sciences.
Fremont, Alameda County’s second-largest metropolis behind solely Oakland, is growing a popularity as a sophisticated manufacturing hub anchored by Tesla’s meeting plant.
A bevy of initiatives have been introduced within the space in current months, together with plans by Herman Christensen & Sons to develop at 450K SF workplace and R&D campus on a vacant 14-acre web site in Ardenwood.
Valley Oak Companions, a San Jose developer is planning a 490K SF information middle on a 12.5-acre web site at 37887 Shinn Avenue. The developer acquired the positioning as half of a bigger 24-acre acquisition of three parcels for $20M in 2021.
At 39150 Argonaut Method, Kimco is planning to demolish a 70K SF retail constructing within the northeast nook of the Fremont Hub, an current open-air mall owned by Kimco.
Based on the plans, submitted in June, Kimco intends to assemble 314 residences, 27K SF of further retail house and a parking storage with a capability of 442 automobiles.
NYC-based Kimco is also planning to demolish a 27K SF business constructing situated at 39160 Paseo Padre Parkway in Fremont to make method for a 206-unit multifamily campus and a parking storage as a part of the redevelopment of the Gateway Plaza procuring middle.
