Overton Moore and Invesco Land Auto Parts Firm in Fremont

Overton Moore Properties and Invesco Real Estate have leased the last unoccupied building in a new industrial campus in Fremont to a Chinese auto parts firm.

The Gardena- and Dallas-based developers rented the 35,000-square-foot building to Suzhou HYC Electronic Technology at Pacific Commons South at 5210 Bunche Drive, the Silicon Valley Business Journal reported. Terms of the deal were not disclosed.

The Suzhou-based auto equipment maker will move into the two-story Building 5, the last of 10 buildings leased at the business park.

Tenants at the park include Amazon.com, Bloom Energy and Cepheid, a medical device firm.

Overton Moore and Invesco bought the 110-acre site in 2017 for $123 million. The joint venture then built the industrial campus in three phases near Interstate 880 and Auto Mall Parkway.

Pacific Commons South, completed last year at a cost of $300 million, contains 1.7 million square feet of warehouses and industrial buildings.

Fremont and nearby Newark contain a combined 37.2 million square feet of industrial buildings, according to CBRE, with a 2.5 percent vacancy rate in the second quarter.

“Ultimately, we see the low vacancy and strong rent growth naturally moving more commodity industrial uses to other parts of the East Bay and (Silicon) Valley,” Donovan Lazaro, the economics affairs director for Fremont, said at a Business Journal “Future of Fremont” event in June.

“While it’s not without its challenges, we are grateful to be in such a strong position in this sector,” he added.

In March, Overton Moore sold an industrial campus with four buildings in Newark, including one leased to Meta, for $186 million. At the same time, the 51-year-old firm leased a 126,700-square-foot distribution warehouse in North San Jose to Home Depot. The next month, Overton Moore filed plans to build a 262-unit apartment complex in South San Francisco.

In June of last year, Invesco bought five buildings in a new industrial campus in Morgan Hill for $119 million.

— Dana Bartholomew