Dixon Landing Research Park

Fremont, CA

Address:   49000 – 49090 Milmont Drive

Year Built:   1984, 1985 & 1987

Building SF:   209,300 SF

Purchase Price:   $37 million

Closing Date:   March 27, 2019

Projected Hold Period:   4 years

Highlights

Off-market acquisition of fully leased R&D project at major discount to recent sales comps in the market.
  • At acquisition, in-place contract rents were ~40% below current market rents, with access to ~75% of rent roll in first few years of ownership, providing an ability to significantly increase property cash flow;
  • Initial renovation to improve building exterior, entryways, hardscape and landscaping during the first year of ownership with future planned structural upgrades.

Overview - Projected Project Level Returns

30.3%

Projected IRR

2.8X

Equity Multiple

4 years

Hold Period