Home Commercial Gem Real Estate Partners Buys Fremont Village Square for $15MM

Gem Real Estate Partners Buys Fremont Village Square for $15MM

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Gem Real Estate Partners purchased Unit One of the Fremont Village Square for $15,258,000 in a deal that closed May 5th. The group previously purchased Unit Two of the Fremont Village Square in March for $1.35 million. The seller was Wells Fargo Bank as a trustee for the registered holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2007-C5 and Dallas-based KeyBank National Association.

According to an NAI Puget Sound Properties flyer for the Fremont Village Square Unit One, located at 3601 Fremont Ave. N., the four-story property recently became under new ownership and management. The mixed-use shopping center is a blend of office and retail buildings. The space also offers on-site covered parking and is within walking distance to a number of Fremont restaurants, shops, grocery stores, banks and coffee shops.

The property currently has six available suites that range in size from 2,630 square feet to 15,005 square feet. The smallest space, suite 101, has a street level entry and is an open area with two restrooms, which can be divided in half. The other units range from office/retail space with a private deck, an office area with a conference room, five private offices, a team room, storage and work room, large open area, kitchenette and outdoor deck, office and exam rooms, and two open areas for offices or team rooms.

Unit One totals 39,454 square feet while Unit Two is only 3,386 square feet. According to Janet Backus with NAI Puget Sound Properties, the same group purchased Unit Two with plans to put them back together. Unit Two is a penthouse office condo and offers an open area, two restrooms, a conference room, large private office or team room and two large private decks.

The entire property sits on a .54 acre or 23,376 square foot lot. A flyer for the property shows that as of August of 2016, the building’s occupancy was 36.10 percent.