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8/09/23
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HYC, a global leader in industrial automatic test equipment and system solutions, leased the last 35k sf flex-tech building at Pacific Commons South (PCS). The 1.7 msf industrial business park in Fremont is now fully occupied. PCS is one of the largest industrial speculative projects developed in Silicon Valley.
Located at 5210 Bunche Dr, Building 5 at Pacific Commons South is a two-story flex-tech industrial building with dock-high loading doors, high clear heights and 11 electric-vehicle charging stations. Building 5 is one of 10 buildings at Pacific Commons South.
CBRE’s Rob Shannon, Chip Sutherland and Bob Ferraro represented the landlord, a joint venture between Overton Moore Properties (OMP) and Invesco Real Estate, from land sale through the leasing of all 10 buildings and permanent debt financing.
“Pacific Commons South has been a unique project since its conception that offers the amenities of a suburban office campus with top-of-the-line features expected of a Class A industrial center. The project’s building attributes, access to pedestrian and bike trails, proximity to retail and restaurants and major interstates provide the amenities that tenants and their employees covet, making it a game changer in the industrial sector,” said Shannon.
OMP and Invesco purchased Pacific Commons South in 2017 and developed the project in three phases, breaking ground on the first phase in May 2018. As the first two phases were completed in Q4 2019 and Q2 2021, respectively, more than 60% of the space was pre-leased. Phase 3 was delivered in November 2022. Current tenants are in the e-commerce, alternate energy, advanced manufacturing, and medical device industries.
The Silicon Valley industrial market is among the tightest in the country with 2.5% vacancy in Q2 2023, according to CBRE Research. Asking rates increased as demand remained steady and supply of quality space was limited. Fremont/Newark average asking rates increased in Q2 2023 even as vacancy held steady at 2.5%.
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