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9/05/23
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CIP Real Estate has acquired the Bayside Industrial Portfolio, a 14-building, 352.3k sf portfolio located in the East Bay city of Fremont, for $103.5 mil ($294/sf). The transaction was funded with $63 mil in acquisition financing.
The portfolio, which was 91% leased at the time of sale to 80 tenants, features highly flexible industrial space ranging in size from 2.5k sf to 25k sf. Centrally located in the East Bay market, the property is proximate to the 680 and 880 freeways, providing easy access to the greater San Francisco Bay Area and primary freight routes. Building features include clear heights of 16, ample power distributed throughout the campus, truck courts with depths up to 140 and a mix of both at-grade and dock-high doors.
Fremont is one of the fastest-growing life science and GMP submarkets in the region, and, as such, life science conversions continue to displace industrial tenants. Existing product, like the Bayside Industrial Portfolio, has captured industrial tenant demand within a declining industrial supply base. By appealing to a wide range of tenants, the property has maintained an average occupancy of 91% since 1997.
Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak with Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz, also with Newmark, arranged the financing on behalf of the buyer.
The Bayside Portfolio continues to benefit from robust tenant demand in a tightening market with minimal competitive product available for lease, said Golubchik.
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