A Maryland-based investment management firm purchased nearly 56,000 square feet of property in Fremont, the company said Friday.

Realterm is now the owner of two local industrial outdoor storage maintenance facilities. Real estate investment company Lift Partners sold the properties for $25,875,000, according to Realterm.

The smaller of the two sites that Realterm purchased includes a 11,750-square-foot maintenance shop and 4,061-square-foot office, at 5120-5170 Brandin Court. Equipment rental company Herc Rentals occupies the space.

The second property, at 44533 South Grimmer Blvd., includes a 36,600-square-foot maintenance shop and 3,571-square-foot office. It is occupied by Halcon Corporation, a national transportation and operational solutions provider.

“Realterm has strategically entered the Silicon Valley industrial market with the acquisition,” the company’s Managing Director and Senior Fund Manager Stephen Panos said in prepared remarks.

Realterm is an independent, global company with a focus on the transportation industry.

“These two properties strengthen our West Coast market position, adding premium assets with top-tier tenants in a new dynamic industrial market,” Panos said.

The Bay Area’s industrial market has been growing, according to Realterm President Isaac Lau. This growth is signaled by increasing rental rates, strong demand and low vacancy, he said.

Industrial and warehouse property vacancy in Silicon Valley has rarely exceeded 3% over the last 10 years, according to a Kidder Mathews market report. The lease rate has also consistently climbed in recent years. The average asking lease rate for industrial properties, as of the third quarter report, was $1.99 – up from $1.80 in 2023’s third quarter.

JLL ‘s Ryan Sitov and Melinda Marino facilitated the transaction and represented the seller.

Lift Partners is a San Francisco-based real estate investment company focused on West Coast industrial and office property.