CBRE arranged a construction loan for Milmont Industrial, a 267,000-square-foot advanced manufacturing/distribution facility in Fremont, on behalf of Hines and funds managed by Oaktree Capital Management. Groundbreaking is expected in early 2024.
A San Francisco-based team of Brad Zampa, Mike Walker and Megan Woodring arranged the loan from an East Coast-based bank. Chip Sutherland and Vincent Machado of CBRE will market the property for lease.
“Advanced manufacturing has grown substantially in Fremont, and Milmont Industrial’s proximity to high-performing tech companies and long-term growth prospects presented a compelling opportunity,” said Walker. “We are thrilled with the outcome here. Despite the headwinds in the macro capital markets, we were able to secure an accretive balance sheet bank construction loan.”
Located at 49000-49090 Milmont Dr., Milmont Industrial currently comprises three buildings that will be demolished and redeveloped into a single new facility with high clear heights, heavy power, ample parking and loading docks.