David Gilbert Of Clarion Partners Acquires 14-Acre Industrial Property In Fremont For $132.3M

The Milmont Industrial manufacturing facility, located at 49000 Milmont Drive in Fremont, CA, is a 267,100-square-foot industrial property situated on a 14-acre site. The asset was sold for $132,300,000, translating to a price per square foot of $495.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $132,300,000
• Square Footage: 267,100
• Address: 49000 Milmont Drive
• Market: Fremont, CA
• Buyer: David Gilbert - Clarion Partners
• Seller: Laura Hines-Pierce & Jeffrey Hines - Hines; Howard Marks - Oaktree Capital Management
• Acquisition Date: 06/26/2026
• Previous Purchase Price: $47,000,000 (in 2021)
• Lease: Fully leased to Tesla

Clarion Partners was represented in the transaction by David Gilbert, while the sellers, Hines and Oaktree Capital Management, were represented by Laura Hines-Pierce, Jeffrey Hines, and Howard Marks. The development involved the repurposing of the site into an industrial property, which was leased to Tesla in April as part of their expansion into AI and manufacturing operations.