BKM Capital Partners purchased the Hannover Industrial Park in Fremont for $43 million. The 165,243-square-foot property, acquired in an off-market transaction from an unnamed private seller, is located in Silicon Valley’s high-demand I-880 Corridor.
Located at 4755–4900 Hannover Pl. and 4377 & 43815 S Grimmer Blvd., the park consists of six buildings housing nine units with an average size of 18,360 square feet. At 74% occupancy, the project presents an opportunity to lease up about a quarter of the net rentable area. BKM plans to implement $1.3 million of targeted capital improvements, including speculative tenant improvements to the three vacant suites.
“Our ability to secure this deal off-market and at a discount to the seller’s original 2023 purchase price speaks to the strength of our sourcing relationships and our status as a preferred buyer for institutional-grade assets,” said Brett Turner, senior managing director of acquisitions & dispositions at BKM.
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