By Alex Girda, Associate Editor
Overton Moore Properties has sold one of its largest Bay Area properties, The Crossings @ 880 in Fremont, to an affiliate of BlackRock Realty Advisors. The Silicon Valley Business Journal reported the sale price as $133 million.
According to the Business Journal, Overton Moore tapped Rob Shannon and Darla Longo of CBRE’s San Jose office to market the property, which was developed in joint venture with LaSalle Investment Management. Also instrumental was Elkins Kalt Weintraub Reuben Gartside LLP, the Los Angeles-based law firm that advised Overton Moore throughout the project’s life cycle, including its recent sale.
The largest industrial park to be constructed recently in the Bay Area, The Crossings @ 880 totals around 697,000 square feet of Class A space and is fully leased. With the possibility of both advanced manufacturing and warehouse space, the property has proven a success with the tech community. Apple and Living Spaces occupy some 610,000 square feet between them.
The property is located on 40 acres at the juncture of Interstate 880 and Dixon Landing Road in Fremont. Ware Malcomb designed the facility, and Oltmans Construction Co. served as general contractor.
According to Overton Moore CEO, Timur Tecimer, the team at Elkins Kalt “played an instrumental role in navigating us through the negotiations while offering invaluable strategic advice in connection with this project, from our original land acquisition and joint venture structure through the development, lease-up and sale of the project.”
Image courtesy of omprop.com