The collapse of a well-known company in the Bay Area resulted in the freeing up of the prime real estate. This makes investing in the area now easier. The said closure of that particular company freed up lots of real estate space no one could have imagined.
The Collapse of Fry's Electronics Resulted in Many Real Estate Spaces Being Freed Up
According to East Bay Times, the said closure of the huge company resulted in free space that amounts up to 65 acres, which mostly are considered prime locations for real estate development. The real estate market in the Bay Area is expected to become very busy due to that sudden free space being available, as many have been eyeing out the said location for years now.
As for the former Fry's Electronics, they have several office buildings located in various states, which are listed below:
- San Jose
- Fremont
- Concord
- Campbell
- Sunnyvale
An expert from a commercial real estate firm stated that the sudden availability of those prime real estate locations will result in both new buildings and developments being started in those said locations.
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According to the latest report, many new developments have been proposed to be built in those free locations, which are the following:
- Tech campuses
- Housing projects
- Auto dealerships
- Research facilities
- Manufacturing buildings
Aside from being proposed, those mentioned developments are also being considered and are part of the community's wish for a new commercial establishment in their respective states.
For example, a prime real estate located in San Jose (a site located at 550 E. Brokaw Road) is being eyed for a mega-development project proposal and is now under review by its city planners. Once approved, it will be a bigger real estate development than Fry's Electronics.
Another notable development proposal in San Jose is a modern and state-of-the-art tech campus. The said campus will be composed of seven office buildings that will be modern in design and their expected land size would be around 2 million feet total.
Future of The Other Locations of Fry's Electronics' Former Office Locations
As for the other locations of Fry's Electronics' former office locations, it highly depends on the owner of each location, according to the reports of RealEstate News24. According to their report, each of the six locations of Fry's Electronics' former office locations is owned by the following:
- For the San Jose Location: owned by the Caracol Property Owner LLC. The total area coverage is 19.7 acres. The estimated value is $20 million. Currently, there is no news on what will be happening to this location.
- For the Fremont Location: owned by Wardenclyffe LLC. The total area coverage is 10.1 acres. The estimated value is $23.9 million. The location is being considered for the development of a new tech campus.
- For the Campbell Location: currently managed by a group of local residents led by Roberta & Elliot Feuerstein. The total area coverage is 3.9 acres. The estimated value is $11.3 million. The location is being considered for a research and development building.
- For the Sunnyvale Location: currently being handled by the Wise Property Trust, led by Robert E. Wise and his family. The total area coverage is 13.6 acres. The estimated valued is $11.3 million. Since the location is near big tech companies like Google, it is being offered to many tech companies for tech-related development.
- For the Concord Location: owned by Linsong LLC, which is managed by IFong Lin of Redwood City. The total area coverage is 5.6 acres. The estimated value is $20.2 million. The location is being offered to auto dealerships, as its location is perfect for that industry.
- For the Palo Alto Location: owned by Sobrato Interests, which is a known subsidiary controlled developer. Total area coverage is 12.5 acres. Estimated value is $73.7 million. The location is being considered as a tech campus due to its surrounding location being a park and an university.
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