Fremont, California – North Palisade Partners closed last week on the purchase of 43990 Fremont Boulevard, a 4.2-acre site in Fremont – completing the final step in its acquisition of the property after securing complex discretionary approvals to construct a 69,872 square foot industrial development slated for high-tech advanced manufacturing.
The project entitlements, which became final on March 10, included approval from the Fremont City Council and Planning Commission for an amendment to Fremont’s General Plan – rezoning the property from C-R (regional commercial) to I-T (industrial tech) – and the adoption of negative declaration environmental documents.
North Palisade Partners, a real estate development and investment firm headquartered in Los Angeles, purchased the parcel on March 17 for $6.8M from Hugo Development Co., LLC. The property is located near Home Depot and Arctic Glacier Premium Ice, and has spent the last 24 years as mostly vacant land. It is the firm’s third acquisition in Alameda County, marking an intentional expansion into the Bay Area market.
“We couldn’t be more excited to be part of Fremont’s work to attract a strong, thriving cluster of advanced manufacturing,” said John Petersen, a partner at North Palisade Partners. “Successfully earning approvals for a General Plan amendment in any city is always an involved process, but the City of Fremont has been an incredible partner – and we have a shared vision to create new vitality for this long-vacant parcel.”
The ground-up development, which is projected to create over 100 new high-tech jobs and commit $100k in community benefits funding for the Auto Mall Parkway Median Beautification and Gateway Element.
“This significant investment is great news for Fremont,” said Fremont Mayor Raj Salwan. “I’m grateful for this kind of teamwork, which supports our ongoing efforts to attract high-tech, advanced manufacturing companies that create great jobs right here in our city. This success isn’t accidental – it’s the result of a deliberate strategy to bring in companies that help grow our economic base, allowing us to continue delivering excellent city services to our residents.”
Fremont has become well-known as a magnet for this successful industry, and is home to over 900 advanced manufacturing companies – with nearly one in four jobs in the city being part of this thriving sector. As the retail landscape changes, Fremont has been nimble enough to consider rezoning as a tool to help property owners and investors reposition opportunity sites towards industries and tenants that are economically viable and align with the City’s long-term land use goals.
The finished building will boast state-of-the art features such as generous clear heights, EV charging infrastructure for both cars and electric trucks – and feature 4,000 amps of power provided by PG&E to meet the needs of advanced manufacturing users.
Dion Campisi and Edward Hofer of Colliers International represented North Palisade Partners in the acquisition and will serve as leasing brokers; Jason Overman of Progress Public Affairs provides political and community relations support; Jennifer Renk of Sheppard Mullin serves as land use and environmental counsel; and Teresa Goodwin of HPA Architects led design of the building. Big-D Pacific Builders, the general contractor, aims to break ground in summer 2025 – with construction expected to take 10 months.