Blackrock Sells Fremont Industrial Site to Tishman Speyer

Tishman Speyer has added another industrial property in the Bay Area to its holdings.

An affiliate of the New York-based real estate firm bought an industrial building in Fremont for more than $92.9 million, the East Bay Times reported. An affiliate of Blackrock sold the one-story structure at 42701 and 42735 Christy Street.

The Christy Street industrial building was built in 1991 and spans 253,500 square feet. Current tenants include electronics manufacturing services provider Sanmina and data center liquid cooling system provider DeepCoolAI.

“The explosive growth of the AI, power management, electric vehicle, aerospace and defense industries has generated significant and enduring demand for institutional-quality industrial space across Silicon Valley,” Michael Alderman, managing director at Tishman Speyer, said in a press release. “We were drawn to Christy Street as a part of our core plus strategy for its strong in-place tenancy, quality floorplate, substantial power and parking and the opportunity to gain a foothold in the supply-constrained Fremont submarket.”

The purchase marks another industrial space buy in Fremont, which is emerging as a hotspot for such space in the East Bay and the Bay Area at large.

In June, Prologis, the world’s largest owner, operator and developer of industrial real estate, purchased an empty 177,000-square-foot commercial and industrial building at 5555 Auto Mall Parkway for $59 million. The following month, construction began on the Campus at Bayside, an industrial complex spanning 473,250 square feet being developed by CBRE, Clarion Partners and 9th Street Partners.

San Francisco-based Prologis previously bought a 246,000-square-foot industrial and research building at 48350 Fremont Boulevard in August 2023 from Blackstone for $86.6 million. Later that month, Irvine-based CIP Real Estate bought the 352,300-square-foot Clipper Court Commerce Center industrial park in Fremont for $103.5 million.

Tishman Speyer is active in the Bay Area, developing the Mission Rock office and retail hub in San Francisco’s Mission Bay neighborhood. The global firm also owns industrial real estate within the city of San Francisco. In 2023, Tishman Speyer bought a nearly 2.9-acre industrial site near San Francisco’s Bayview neighborhood for almost $32.3 million. The acquisition of 2225 Jerrold Avenue was the first completed through the company’s Tishman Speyer-Mitsui Fudosan America logistics joint venture.