A joint venture between Clarion Partners and 9th St. Partners picked up 28 acres spread across a dozen parcels, with plans to build a swath of industrial buildings in Fremont, California.

The joint venture paid $123M for the land. The companies plan to build just under 500K SF of Class-A industrial on the parcels, primarily located in southeast Fremont, according to The Real Deal. The buildings are expected to range in size from 40K SF to 105K SF.

Clarion and 9th St. plan to work with the city to help it increase its advanced manufacturing presence, making it an epicenter for the industry, Fremont Economic Development Manager Donovan Lazaro told The Real Deal.

Despite some concerns that industrial demand slowed elsewhere, the asset class keeps gathering steam in the East Bay and the Peninsula. CenterPoint Properties recently picked up a 190K SF property in Hayward, California, for $52.8M in a sale-leaseback transaction.

CBRE’s Q2 2022 market report for the East Bay noted a 1.6% total vacancy rate in Fremont, one of the lowest across the East Bay, rivaling that of Union City and Hayward.