Fremont-Two major investors acquired a technology building in Fremont in a transaction, and buyers said this shows their continued confidence in the Silicon Valley market.
A group led by real estate company Cannae Partners and investment company Blue Vista Capital Management has submitted documents to the Alameda County Recorder’s Office on August 11 that they purchased a building at 47100 Bayside Parkway in Fremont.
According to county records, the buyer, 47100 Bayside Parkway Owner, paid $16.55 million for the building.
County real estate documents show that San Francisco-based Cannae Partners and Chicago-based Blue Vista also received a loan of $16.68 million from New York-based Argentic Real Estate Investment to fund the purchase.
According to Chris Shaffer and Kurt Heinrich, agents of the commercial real estate company Newmark that arranged the purchase, the total area of the office and research buildings is approximately 61,400 square feet.
“East Bay is a highly sought after office submarket in Silicon Valley, driven by regional companies looking to grow outside of San Francisco, North San Jose and Santa Clara,” said Shaffer, senior managing director of Newmark.
The building is being vacated by Corsair Gaming, a technology gaming company that has reached a lease agreement to move its headquarters to Milpitas.
“We are very happy to add this asset to our portfolio and are particularly optimistic about Silicon Valley and Fremont,” said Jamin Seid, an executive at Cannae Partners.
The new owners believe that the building can attract a large number of tenants. The owner said that this building can be well used as an office headquarters, advanced manufacturing or life science site. Newark will look for tenants to lease sites in Fremont.
“We are looking forward to renovating and renting out this building,” Said said.