Three GMP buildings in Fremont, CA.
The acquisition is based on the growth of the company in a specialized asset class
CHARLET, North Carolina,, June 28, 2022 / PRNewswire / – Barings, one of the world’s largest diversified real estate investment managers, announced today that it is acquiring a portfolio of three life science assets covering a total area of 228,025 square feet in Fremont, CA. from Angelo Gordon & Company. Lincoln Property Company joined Barings in the venture, and Newmark facilitated the deal.
The portfolio, fully compliant with Good Manufacturing Practice (GMP), features ideal construction life sciences features, including clear heights of over 20 feet, a minimum of 2,000 amps of power, an abundance of high and high quality doors and 3.4 times parking ratios. Each of the three buildings offers between 50,000 and 100,000 square meters for rent with a first floor for use in laboratory and production, and a mezzanine for offices and conference rooms. Barings has plans for almost $ 20 million of interior and exterior improvements and improvements throughout the portfolio.
“These life science assets are a huge addition to Barings’ portfolio of state-of-the-art buildings in leading life science centers, where demand for laboratories is high and well-funded innovations thrive,” he said. Joe Gorin, Managing Director, Head of Acquisitions and Portfolio in the United States for Barings. “This investment further demonstrates Barings’ commitment to this critical, specialized asset class, especially in markets where the STEM-oriented, skilled workforce continues to grow.
Distributed throughout the city of Fremont at 34325 Ardenwood Boulevard, 45401 Research Avenue and 48664 Milmont Drive, the portfolio is strategically positioned in the Gulf region, consistently among the top two leading life science clusters in the country, adjacent to major interstate highways (I-880 and I -680), San Jose International airport and connectivity with the San Francisco Peninsula. Surrounded by some of the world’s leading science and technology companies, as well as major colleges and universities, Fremont The market is currently experiencing a serious imbalance between supply and demand with a 4.5% vacancy rate and current tenant demand of 538,000 square feet, according to Newmark Research.
“With high demand and low vacancies, we continue to hear from innovative, life-changing companies looking for properties that meet their specific needs and requirements,” he said. David Otte, Managing Director of Barings, Acquisitions. “Furthermore, there is no delay for the cluster in the Gulf region, as life science leaders want to be among their peers in this influential, stimulating market.
Newmark Executive Vice President and President, Western Region Capital Markets, Steven GolubchikVice Chairman Edmund Nayersenior managing director Jonathan Scheffler and director Darren Holak facilitate the transaction.
“This portfolio provided an opportunity to effectively acquire all GMP vacancies within Fremont market, “said Golubchik. As entry trends continue and consumers of life science look for production facilities close to their research and development, a product such as Fremont GMP’s portfolio will remain in high demand.”
The terms of the acquisition were not disclosed.
Barings is a $ 371 + billion * global investment manager that offers differentiated opportunities and builds long-term portfolios in public and private fixed income markets, real estate and specialized stock markets. With investment professionals based in North America,, Europe and Asia-Pacific region, the company, a subsidiary of MassMutual, aims to serve its customers, communities and employees and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
* Assets under management to March 31, 2022
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’s life cycle. Newmark’s comprehensive range of services and products is uniquely tailored to every customer, from owners to tenants, investors to founders and start-ups to companies with blue chips. Combining the platform’s global reach with market information in both established and emerging real estate markets, Newmark provides superior customer service across the industry. Newmark generates revenue of almost $ 3.1 billion for the expiring twelve months March 31, 2022. Newmark’s company offices, along with its business partners, operate from approximately 170 offices with 6,300 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.
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