April 4, 2019 – Cushman & Wakefield announced today that a 2-acre property in Fremont, California, currently a church and school facility, has sold to a Bay Area-based multifamily developer for $8.525 million. The buyer, Roberts Fremont, LP, intends to construct brand new townhomes on the site. Located at 41354 Roberts Avenue, the property’s current R-3-18 zoning generally permits up to 18 residential units per acre, subject to possible limitations. The property, however, remained unentitled at the time of sale.
Cushman & Wakefield’s San Jose sales team, comprising Miki Vierra, Tenny Tsai and Aaron Fritz, represented the seller, Redeemer Church of Silicon Valley, in the disposition. The team’s expertise in selling specialty use real estate, including developable land, schools, and church properties, combined with their strategically targeted marketing approach, generated 14 offers from a variety of highly qualified buyers. This high demand enabled the Church to successfully maximize the value of its primary asset within a short time frame, thereby avoiding the traditional long, uncertain, and contingent escrow.
Vierra said, “Competition among Silicon Valley developers for well-located, underdeveloped property with zoning that allows for residential development remains extremely strong. Due to this demand, coupled with our team’s specific focus on the Church’s timing objectives, we closed this unique transaction at an enviable price within 60 days of signing the purchase contract.”
Redeemer Church of Silicon Valley intends to relocate its congregation within Silicon Valley later this year.