Three GMP Buildings in Fremont, California
Acquisition Executes on Firm's Growth in
Specialized Asset Class
CHARLOTTE, N.C., June 28,
2022 /PRNewswire/ -- Barings, one of the world's
largest diversified real estate investment managers, announced
today its acquisition of a portfolio of three life science assets
totaling 228,025 square feet in Fremont,
California from Angelo Gordon
& Company. Lincoln Property Company has joined Barings in the
venture, and Newmark has facilitated the transaction.
The portfolio, fully Good Manufacturing Practice (GMP)
compliant, contains ideal life science building characteristics,
including clear heights of over 20 ft., a minimum of 2,000 amps of
power, abundant dock-high and at-grade doors, and 3.4x parking
ratios. Each of the three buildings offers between 50,000 and
100,000 rentable square feet with a first floor designed for lab
and manufacturing use and a mezzanine floor for offices and
conference rooms. Barings has plans in place for nearly
$20 million of interior and exterior
improvements and enhancements across the portfolio.
"These life science assets are a tremendous addition to Barings'
portfolio of state-of-the-art buildings in leading life science
hubs where lab demand is high and well-funded innovation thrives,"
said Joe Gorin, Managing Director,
Head of US Acquisitions and Portfolio Management for Barings. "This
investment further demonstrates Barings' commitment to this
critical, specialized asset class, particularly in markets where
STEM-oriented, skilled workforces continue to grow."
Spread across the city of Fremont at 34325 Ardenwood Boulevard, 45401
Research Avenue, and 48664 Milmont Drive, the portfolio is
strategically positioned within the Bay Area, consistently among
the nation's top two leading life science clusters, with close
proximity to major interstate freeways (I-880 and I-680),
San Jose International Airport,
and connectivity to the San Francisco
Peninsula. Surrounded by some of the world's leading science
and technology companies as well as major colleges and
universities, the Fremont market
is currently experiencing a severe supply-demand imbalance with a
4.5% vacancy rate and current tenant demand of 538,000 square feet,
according to Newmark Research.
"With high demand and low vacancy, we continue to hear from
groundbreaking, life-changing companies looking for properties that
will meet their specific needs and requirements," said David Otte, Barings' Managing Director,
Acquisitions. "Additionally, there's no slowing down for the Bay
Area cluster as life science leaders want to be amongst their peers
in this influential, stimulating market."
Newmark Executive Vice Chairman and President, Western Region
Capital Markets, Steven Golubchik,
Vice Chairman Edmund Najera, Senior
Managing Director Jonathan Schaefler
and Director Darren Hollak
facilitated the transaction.
"This portfolio provided the opportunity to acquire effectively
all of the GMP vacancy within the Fremont market," said Golubchik." As onshoring
trends continue and life science users seek production facilities
proximate to their R&D, product like the Fremont GMP portfolio
will remain in high-demand."
Terms of the acquisition were not disclosed.
About Barings
Barings is a $371+ billion* global investment manager sourcing
differentiated opportunities and building long-term portfolios
across public and private fixed income, real estate, and specialist
equity markets. With investment professionals based in North America, Europe and Asia
Pacific, the firm, a subsidiary of MassMutual, aims to serve
its clients, communities and employees, and is committed to
sustainable practices and responsible investment. Learn more at
www.barings.com.
*Assets under management as of March 31,
2022
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its
subsidiaries ("Newmark"), is a world leader in commercial real
estate, seamlessly powering every phase of the property life cycle.
Newmark's comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to
founders, and startups to blue-chip companies. Combining the
platform's global reach with market intelligence in both
established and emerging property markets, Newmark provides
superior service to clients across the industry spectrum. Newmark
generated revenues of nearly $3.1
billion for the twelve months ending March 31, 2022. Newmark's company-owned offices,
together with its business partners, operate from approximately 170
offices with 6,300 professionals around the world. To learn more,
visit nmrk.com or follow @newmark.
Contact
MediaRelations@barings.com
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SOURCE Barings