Reporter- San Francisco Business Times
Overton Moore Properties started construction on 700,000 square feet of industrial space in Fremont — the fourth development to break ground on spec in the East Bay. Developers are banking on making deals with tenants looking for large blocks of space in the core Bay Area.
Overton Moore, based in Los Angeles, bought a 40.5-acre site near Interstate 880 for $8.15 million last year from King Lyons. The project, called The Crossings @880, includes three buildings ranging from 175,000 to 311,000 square feet designed by Ware Malcomb and built by Oltmans Construction Co. and Top Grade Construction.
“It’s rare in the development business to find such a property on an interstate, with immediate freeway access, in a pro-business city, along with strong market conditions and very little development activity,” said Timur Tecimer, CEO of Overton Moore.
A few weeks ago, the Business Times reported on developers starting construction on another industrial project in Fremont without tenants in hand.
Besides Overton Moore’s site, the other three spec developments under construction include:
- Milmont Commerce Center, a 173,296-square-foot building at 48490 Milmont Dr. in Fremont from Panattoni Development Co. and partner Principal Real Estate Investors.
- Goodman Birtcher’s 375,000 square feet at at 8350 Pardee Dr. in Oakland.
- McShane Construction’s 575,000 square feet on a 29-acre site at 38811 Cherry St. in Newark.
Leasing activity in the East Bay’s industrial market has picked up significantly in the past few years. Demand is coming from a variety of industries including food production and distribution, third-party logistics firms, furniture distributors, home and construction related producers and retailers like Amazon that want to establish distribution centers to offer same-day delivery to urban areas.
Blanca Torres covers East Bay real estate for the San Francisco Business Times.