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4/15/16
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West Valley Properties Inc has acquired Warm Springs Business Center, a 146.7k sf multi-tenant flex project in Fremont, CA, for $21.45 mil, or $146/sf. Located at 48501 to 48531 Warm Springs Blvd, the property was sold by Stockbridge Capital Group.
The project, consisting of units ranging from 800 sf to approximately 6.7k sf in size, was 96% leased at the time of sale. Stockbridge, which purchased the project in early 2014 as part of a larger portfolio acquisition that also included property in North San Jose, had invested more than $1 mil into the property over the past two years in roof replacements, new HVAC units, market ready improvements, property signage, painting, and landscaping upgrades.
Warm Springs Business Center is composed of four multi-tenant office/R&D/flex buildings. All of the suites feature a storefront office space and an industrial/warehouse area, which are designed to cater to small businesses and regional sales and distribution offices that rely upon having office and shipping/receiving in one space. The project also serves as an incubator setting for smaller start-up tenants.
Warm Springs Business Center has historically been able to accommodate the growth of existing tenants, keeping them in the project as they expand. The location boasts immediate access to Interstates 880 and 680 and provides direct, signaled access and exposure to Warm Springs Boulevard. There are also nearby retail services that include restaurants, banks, and health facilities.
Steve Hermann, Robert Gilley and Eric Fox with Cushman & Wakefield, along with Vince Machado of CBRE, represented the seller in the transaction.
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