Big developers wheel and deal for choice Fremont real estate sites
FREMONT — A big Fremont site that’s suitable for industrial or tech uses has been sold by development legends John Arrillaga and Richard Peery to an alliance led by a veteran real estate and investment firm.
The property totals about 27.7 acres in Fremont that front on Bayside Parkway, Gateway Boulevard and Lakeview Boulevard, according to documents filed on Dec. 29 with the Alameda County Recorder’s Office.
The two sellers were an Arrillaga-headed family trust and a Peery-led Utah-based nonprofit called Deseret Trust Co., the county files show.
A group led by New York City-based Clarion Partners paid $123.3 million to buy 10 parcels from Peery and Arrillaga, according to the real estate documents.
The transaction was an all-cash deal, the Alameda County records show.
The parcels are located in an area that’s ripe for redevelopment for an array of uses.
Projects oriented towards tech, advanced manufacturing, industrial and logistics operations have all become popular in Fremont.
The location also has close access to the nearby freeway. The properties are near the interchange of Interstate 880 and Warren Avenue.
In addition, the sites are on the west side of the freeway from multiple operations of Tesla, including the company’s vehicle factory.
Tesla’s presence has helped to support numerous smaller companies that have sprouted in the vicinity to support the Tesla manufacturing activities.