Barings and Lincoln Property Co. Acquire 220K SF Fremont Life Sciences Portfolio
The portfolio is spread across three separate addresses in the city of Fremont, at 34325 Ardenwood Blvd., 45401 Research Ave. and 48664 Milmont Drive.
Barings said in a press release that it plans to invest $20M in renovations, but did not disclose the purchase price.
Floor plates in the properties range from 50K SF to 100K SF, and the first floor of each building is designed for lab or manufacturing use, with a mezzanine floor intended for offices or conference space.
"These life science assets are a tremendous addition to Barings' portfolio of state-of-the-art buildings in leading life science hubs where lab demand is high and well-funded innovation thrives," Barings Managing Director and Head of Acquisitions and Portfolio Management Joe Gorin said in the release. "This investment further demonstrates Barings' commitment to this critical, specialized asset class, particularly in markets where STEM-oriented, skilled workforces continue to grow."
Life sciences and industrial spaces in the East Bay and other Bay Area metros continue to see strong demand, dramatically outpacing that of other CRE segments such as office.
Newmark's Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak facilitated the transaction.