Prologis acquired the property at 48350 Fremont Blvd. for almost $87 million. Picture courtesy of CommercialEdge
Prologis has bought a 246,450-square-foot industrial and analysis constructing in Fremont, Calif., from Blackstone, as reported by The Mercury Information. The asset modified arms for $86.6 million, in keeping with Alameda County public information.
The transaction got here on the heels of the $3.1 billion all-cash deal wherein Prologis agreed to accumulate greater than 14 million sq. ft of business belongings from Blackstone. The properties are in main markets similar to Atlanta, Baltimore, Washington, D.C., California, Phoenix, Las Vegas, New York and South Florida.
Prologis’ Fremont acquisition
Accomplished in 1989, the Class B property occupies a ten.5-acre website inside Bayside Enterprise Park. Tenants on the constructing embrace Tremendous Micro Pc and Cintas. The asset beforehand traded in 2019, when Blackstone’s Hyperlink Logistics acquired World Logistic Properties in a $18.7 billion deal, including 179 million sq. ft of business, workplace and retail area to its portfolio, CommercialEdge information reveals.
Situated at 48350 Fremont Blvd., the property is off Interstate 880 and near Interstate 680, roughly 10 miles north of downtown San Jose, Calif. The constructing can be 10 miles from the San Jose Mineta Worldwide Airport.
Though the primary half of 2023 has seen a big discount in industrial transactions, registering $21.2 billion by way of June, in comparison with the $55 billion determine recorded throughout the identical interval of final 12 months, the common per-square-foot value has risen barely from 2022’s $124, reaching $129, a latest CommercialEdge report reveals.
The Bay Space continued to guide the nation by way of sale costs, registering a whopping $355 per sq. foot in June, in keeping with the identical supply. The world’s industrial investments totaled greater than $1.2 billion within the first six months of the 12 months.
