San Francisco’s TMG Partners together with an investment partner are betting that the area which is near Tesla Motors Inc in Fremont is ready to gain momentum.
TMG together with Farallon Capital Management recently acquired 46555 landing Parkway, an R&D Building which is 117,000 square foot. The building was formerly occupied by Lam Research and SGI Inc., that said the amount of money which the two came up with so as to take up ownership landing parkway is yet to be know, but sources who have great knowledge of the whole business deal have stated that the property traded for around $85 per square foot or simply around $9.95 million.
The seller of the property is said to have been an affiliate of D.R. Stephens & Co., a real estate investor which is based in San Francisco.
According to file records which are with the Clerk-Recorder of Alameda County, the transaction for the landing parkway closed earlier this month.
This is not the first time that TMG is involved in purchasing the new property in fact TMG has in the past acquired a number of properties in the city’s Bayside Technology Park. In recent years, there has been an increase in the neighborhood around Tesla and as a result prices have also increased.
“Tenants are moving from other South Bay and Peninsula cities to take advantage of the City of Fremont’s highly educated work force, affordable housing, and pro-business city government,” David Cropper, the managing director of TMG Partners, said in a release.
“Fremont is one of the most vibrant markets in the South Bay and we have never seen the kind of tenant demand velocity that exists today."