BlackRock acquires Bay Area industrial asset
BlackRock Realty has purchased The Crossings at 880 in Fremont, Calif., from Overton Moore Properties and LaSalle Investment Management for approximately $134.4 million. CBRE brokered the deal.
The 690,796-square-foot business park consists of three manufacturing and warehouse buildings sitting on 40.5 acres and is currently 100 percent occupied by Apple and Living Spaces.
Overton Moore Properties and LaSalle Investment acquired the development site in March 2013 for $8.1 million; the facilities were completed in 2014.
This is the eighth industrial property picked up by BlackRock Realty in the past 12 months; it is also the second-largest transaction in that time period. The firm has acquired more than $350 million worth of global industrial properties since October 2014, including The Crossings at 880.