Overton Moore Properties (“OMP”) and Invesco Real Estate, together with CBRE announced that Pacific Commons South (PCS) has commenced construction. Once complete, the business park will include ten buildings and 1.7 million square feet of advanced manufacturing and warehouse space. The first phase of approximately 1 million square feet is now under construction. The ownership, a joint venture between OMP and global real estate investment manager Invesco Real Estate, purchased the property in 2017.
The leasing team is CBRE’s Rob Shannon, Chip Sutherland and Bob Ferraro.
The largest mixed-use industrial infill site in the San Francisco Bay Area, Pacific Commons South provides opportunities for advanced manufacturing, biotech, clean tech, food production, and warehouse uses in a centralized, high finished, well-established business park. PCS is just three miles from the Warm Springs BART station and provides convenient access to Interstates 880 and 680. The property is just west of Tesla’s factory and within walking distance from dozens of local restaurants and retail amenities, including the adjacent Pacific Commons Shopping Center. The project is adjacent to the Don Edwards Wildlife Reserve and also features walking trails adjacent to the Don Edwards Wildlife Reserve, parks and bike-friendly paths.
“PCS will offer users a unique environment that incorporates state of the art product situated in a work-life environment. The project offers multiple outdoor amenities that will assist companies in recruiting and retaining the best talent,” said Timur Tecimer, OMP’s CEO. This is OMP’s third project in Fremont.
“The market is really hungry for this type of smart, integrated facility solution,” said Rob Shannon, Executive Vice President. “Silicon Valley is home to the most progressive and successful companies in the world, and they are looking for ways to make their employees’ workdays more convenient, healthier and more productive. Given its location, size and quality, PCS will deliver meaningful value in all of these domains.”
Christina Briggs, Deputy Director of Economic Development for the City of Fremont noted that, “There is unprecedented demand for Class A industrial space driven by large OEMs and their supply chains and by the city’s fastest-growing industries, including IoT and biomedical. With its scale and variety, we see a huge opportunity for Pacific Commons South to accommodate the entire supply chain continuum, including manufacturing, production, research and development, office, storage and distribution facilities—all in a single location.”
With the regional and national economy continuing to expand, the Silicon Valley industrial vacancy is at a historical low of two percent as of Q1 2018. The Fremont submarket in particular continues to see strong demand. Above average growth is projected for the region for the foreseeable future.
About OMP
Overton Moore Properties (OMP) is a privately held company specializing in real estate development, acquisition, master planning, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-used projects. OMP’s long term franchise value, local market knowledge, deep relationships with tenants and the brokerage community and strong institutional relationships have contributed to its success throughout the past 42 years. OMP has constructed and acquired more than 40 million square feet of office, industrial and mixed-use space, developing more than 1,598 acres of raw land throughout California and Arizona. The firm also owns and manages over 6 million square feet of space in the region. Please visit our website at www.omprop.com
About Invesco Ltd.
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with US$64.8 billion in real estate assets under management, 484 employees and 21 regional offices across the U.S., Europe and Asia*. Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco. Ltd.
*All data is as of 3/31/2018 unless otherwise noted.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
