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8/26/15
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BlackRock Realty Advisors closed on a major NoCal industrial buy, acquiring The Crossings@880, a 697k sf biz park in Fremont. The project was sold by Overton Moore Properties (OMP) in a deal estimated to be worth around $135 mil, or $195/sf.
The project, situated on 40 acres at the juncture of I-880 and Dixon Landing Rd, was built by OMP in a venture with LaSalle Investment Management, out of Chicago. It was completed earlier in 2015. We’re told The Crossings @ 880 is the largest industrial business park to be constructed in the Bay Area in the past 15 years.
The Crossings@880 is fully occupied and consists of three single-story buildings of 174.6k sf, 204.7k sf and 311.5k sf in size. Tenants include Apple, Living Spaces and Pivot Interiors.
Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro of CBRE represented OMP in the sale. Los Angeles-based Elkins Kalt Weintraub Reuben Gartside LLP provided legal services to OMP in the sale, and in earlier aspects of the project, such as the land acquisition, joint venture structuring and lease-up.
Privately held Overton Moore Properties is ranked by the Los Angeles Business Journal as one of the top real estate developers and investors in Los Angeles County. The company owns and manages more than 6 msf of commercial property.
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