Commercial
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Prologis doubles revenue and earnings in second quarter
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Prologis buys 246K industrial building in Fremont for $87M
Purchase follows $3.1B portfolio deal with same seller, Blackstone
Prologis has picked up a 246,000-square-foot industrial and research building in Fremont for $86.6 million.
The San Francisco-based real estate investment trust bought the industrial property at 48350 Fremont Boulevard, the San Jose Mercury News reported. The seller was Blackstone, based in New York.
The price works out to $352 per square foot.
The deal was done in the wake of a joint announcement in June that Prologis had agreed to buy a nationwide portfolio of industrial and research buildings from Blackstone for $3.1 billion.
The purchase expands Prologis’ commercial real estate portfolio in key markets, including the Bay Area, Central Valley and Southern California.
The one-story Fremont building, on 10.5 acres, is leased to Super Micro Computer, according to Google Maps and regulatory filings.
Prologis has been active in the lower East Bay.
In June, the real estate trust leased a 210,000-square-foot industrial building to Tesla for a battery cell plant.
Later in the month, it leased half of a nearly 300,000-square-foot warehouse in Hayward to National Auto Parts NorCal. Prologis acquired the building in 2018 as part of its $8.5 billion acquisition of DCT Industrial Trust.
The industrial giant posted record profits in the second quarter on revenue of $2.45 billion, or nearly double the $1.25 billion from the period a year ago. Net earnings came to $1.22 billion.
— Dana Bartholomew
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