A group of investors from the Midwest has purchased a significant industrial site in Fremont, California, a move that could significantly bolster the city’s ambitions in advanced manufacturing. The investors, operating under the name CDECRE LLC, acquired the 26-acre property at 41777 Boyce Rd. for $70.1 million. The deal was finalized in an all-cash transaction, with documentation filed on January 8, 2024, in the Alameda County Recorder’s Office.
The seller of the property was Prologis, a well-known San Francisco-based real estate firm. The transaction was facilitated by executives from Newmark, including Steven Golubchik, Edmund Najera, Darren Hollak, and Brendan Raney.
Strategic Location and Infrastructure
Fremont’s economic development director, Donovan Lazaro, commented on the significance of the acquisition. He stated, “This transaction positions the site to support next-generation advanced manufacturing, powered by exceptional infrastructure and utility access.” The site’s proximity to the PG&E Newark Substation enhances its attractiveness for industrial development, making it part of a broader effort by LS Power Grid California, an affiliate of Missouri-based LS Power, to establish new electricity facilities in the Bay Area.
One of the key projects involves connecting the Newark Substation to the Northern Receiving Station. This initiative aims to create a new terminal that links the PG&E Newark Substation to Silicon Valley Power’s facility in Santa Clara, facilitating improved energy distribution across the region.
Fremont’s Vision for Industrial Development
The acquisition is notable as Golubchik, who is the executive vice chairman at Newmark, emphasized the rarity of industrial development sites of this scale in the Bay Area. He remarked, “Industrial development sites of this scale are extremely rare in the Bay Area, and even more so in Fremont.”
Fremont is actively promoting the establishment of warehouse, logistics, and manufacturing districts. The city’s strategy aims to attract companies that are focused on advanced technology, distribution, and innovation. Lazaro encapsulated the city’s vision, stating, “It’s a rare opportunity to connect Fremont’s industrial past with its technological future.”
This acquisition not only highlights the growing interest in industrial space in the Bay Area but also reflects a shift in the region’s economic landscape as it looks to integrate more advanced manufacturing capabilities. The developments surrounding this site could potentially reshape Fremont’s role in the dynamic industrial sector of California.
