Healthcare Investment Firm Acquires Parcel of Land in Fremont

FREMONT, CA -- Diversified Healthcare Trust today announced that it has acquired 47071 Bayside Parkway located in Fremont for $82 million.

Diversified Healthcare Trust is a real estate investment trust that owns about $6.8 billion of high-quality healthcare properties located in 36 states and Washington, D.C.

The recently renovated Fremont asset includes 89,000 rentable square feet of lab and corporate headquarters space that is 100% leased to Alamar Bioscience through January 2034. The property is located along the Central I-880 corridor, an established and growing life science submarket of the San Francisco Bay area.

“We are excited to be growing our Life Science portfolio in the San Francisco Bay area, which is widely seen as the second largest Life Science market in the U.S.," Diversified Healthcare Trust President and Chief Executive Officer Jennifer Francis said. "Given the current increases in interest rates and the corresponding negative effect it is having on commercial real estate values, we are also pleased that we are in the financial position to opportunistically acquire this attractive, well located and long term, fully leased Life Science property at an attractive valuation.”

With this acquisition, DHC now owns four life science assets with about 327,000 square feet in the San Francisco Bay area market, in addition to its joint venture investment in two properties located in the same market.