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9/03/21
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Pacific Commons South, a 1.9 msf property in one of the top-performing industrial markets in the San Francisco Bay Area, has just been refinanced with a new loan for $220 mil. The property, owned by a venture between Overton Moore Properties and Invesco, is comprised of seven state-of-the-art, Class A industrial buildings and a fully leased, 10.35-acre parking lot with a rent roll comprised of predominantly investment-grade tenants.
Pacific Commons South is located just northwest of the Warm Springs District submarket in Fremont, and within a three-minute drive to I-880. The property and its location are attractive to a wide range of technology tenants engaged in research, development and light manufacturing related to myriad different elements of Silicon Valley’s creative ecosystem.
The 12-year, interest-only financing was arranged by Brad Zampa and Mike Walker with CBRE Capital Markets’ Debt & Structured Finance. It was funded through an unnamed life insurance company.
The Fremont industrial market is one of the top-performing industrial markets in the San Francisco Bay Area. The vacancy rate remains low, currently at 4.8% as of the second quarter of 2021, and lease rates have risen 83% since 2014. These strong fundamentals are expected to continue as there is a lack of supply of undeveloped land, and tenant demand for industrial assets remains elevated. Fremont benefits as a hub for many of today’s advanced industrial users, including electric vehicles, clean technology, advanced manufacturing and life sciences, and has some of the world’s largest companies in each of these industries.
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