Giant Fremont deal widens developer’s Bay Area holdings
Trio of tech buildings and land are scooped up by veteran developer
FREMONT >> Three research and office buildings in Fremont have been bought by a veteran Texas developer, a deal that points to sturdy interest by investors in Silicon Valley despite coronavirus-linked uncertainties.
Hines, a development and investment firm from Texas, bought the office and research buildings that are located on Milmont Drive in southern Fremont, on the border with Santa Clara County and Milpitas.
Houston-based Hines paid $47 million for the three buildings, according to documents filed on April 30 with the Alameda County Clerk-Recorder’s Office.
The three buildings together make up a project called Dixon Landing Research Park and total a combined 209,300 square feet, according to a brochure circulated by Lee & Associates, a commercial real estate firm that has been marketing the complex.
The tenants in Dixon Landing Research Park include several electronics and tech companies such as MicroTech Systems, Kyocera, and FabriTech Components. The research park’s addresses include 49000 Milmont Drive in Fremont.
Hines in recent years has been an active player in Bay Area commercial real estate. The Hines real estate firm has plunked down hundreds of millions of dollars to buy an array of office and research buildings.
These are among the properties that Hines has purchased in recent years.
• Dublin Corporate Center in Dublin, 2017, $108.9 million.
• Santa Clara Towers in Santa Clara, February 2020, $195 million.
• Santa Clara tech and research center on Bassett Street, $107.1 million.
• Santa Clara office building with Apple as a tenant on Patrick Henry Drive, $68 million.
In the recent acquisition in Fremont, the Hines purchase appears to have provided the sellers, a group that includes Walnut Creek-based Vertical Ventures, with a profit.
The most recently reported assessed value for Dixon Landing Research Park was $38.6 million in June 2020, according to the Alameda County Assessor’s Office.