Chicago Buyer Purchases Fremont Industrial Property

An industrial site in Fremont has traded hands in one of the city’s larger recent infill sales in the sector.

The 26-acre industrial property at 41777 Boyce Road in Fremont sold to a Chicago-based buyer for $70.1 million, the San Francisco Business Times and Mercury News reported. The seller was 41777 Boyce Road LLC, an entity tied to concrete contractor Walters & Wolf, according to the state’s business database. The buyer was CDECRE LLC, a group affiliated with Chicago Deferred Exchange Company.

The buyer entity may not be the true owner, however, as it appears to be a company that helps investors complete 1031-exchanges to defer tax costs.

Other details surrounding the deal were not disclosed. Newmark’s Steven Golubchik, Edmund Najera, Darren Hollak and Brendan Raney represented both the buyer and the seller in the transaction.

The Fremont property includes three buildings totaling more than 110,000 square feet. They were built in 1969 and remodeled in 1975. The parcel is zoned for general industrial use, allowing for manufacturing, wholesale operations and other industrial uses, and is surrounded by other industrial properties.

How the site will be used by its new owner remains to be seen. The sale “positions the site to support next-generation advanced manufacturing, powered by exceptional infrastructure and utility access,” Donovan Lazaro, Fremont’s economic development director, said. “It’s a rare opportunity to connect Fremont’s industrial past with its technological future.”

Fremont overall is an attractive industrial market for investors, with a lower vacancy rate for such properties and a higher number of industrial sites clustered together compared to other cities, according to the Business Times. Earlier this month, Tishman Speyer bought an industrial building at 42701 and 42735 Christy Street in Fremont for $92.9 million.

Last June, Prologis grew its Bay Area holdings with the purchase of a 177,000-square-foot commercial and industrial building at 5555 Auto Mall Parkway for $59 million. In October 2024, Prologis purchased a four-building office and research park at 46859, 46871, 46889 and 46897 Bayside Parkway for $71.3 million. In August 2023, the San Francisco-based firm bought a 246,000-square-foot industrial property at 48350 Fremont Boulevard for $86.6 million. The same month, Irvine-based CIP Real Estate bought the 352,300-square-foot Clipper Court Commerce Center industrial park in Fremont for $103.5 million.

— Chris Malone Méndez