East Bay advanced manufacturing project moves ahead with property deal
FREMONT — An advanced manufacturing project in Fremont has pushed ahead with a real estate firm’s purchase of the land needed for the new development.
The property, located at the corner of Fremont Boulevard and Ice House Terrace, was bought for $6.8 million, according to documents filed on March 18 with the Alameda County Recorder’s Office.
North Palisade Partners, acting through an affiliate, bought the future development site, which totals 4.2 acres, Alameda County property records show.
Hugo Development sold the property to North Palisade Partners. Colliers commercial real estate brokers Dion Campisi and Edward Hofer arranged the property purchase. The brokers are scouting for tenants to lease the building.
The property purchase occurred in the wake of a decision by the Fremont City Council to rezone the property to industrial technology.
“We couldn’t be more excited to be part of Fremont’s work to attract a strong, thriving cluster of advanced manufacturing,” said John Peterson, a partner with the North Palisades real estate firm.
The new zoning designation enables the development of advanced manufacturing facilities and those types of operations.
“This significant investment is great news,” Fremont Mayor Raj Salwan said. “This kind of teamwork supports our ongoing efforts to attract high-tech, advanced manufacturing companies that create great jobs right here in our city.”
Fremont is the site of more than 900 advanced manufacturing jobs, according to the city. Fremont estimates that nearly 25% of the jobs in the city are in this employment category.
“This success isn’t accidental,” Mayor Sawan said. “It’s the result of a deliberate strategy to bring in companies that help grow our economic base.”
The new advanced manufacturing building will total 69,900 square feet once it’s complete, according to North Palisade Partners.
“The city of Fremont has been an incredible partner,” North Palisade executive Petersen said. “We have a shared vision to create new vitality for this long-vacant parcel.”