P
rologis, the world's largest industrial real estate owner, has acquired a 292,000-square-foot office and research park in Fremont from an undisclosed seller for $71.3 million. The property, located at 46859-46897 Bayside Parkway, consists of four buildings and was previously owned by Mentor Graphics, which was acquired by Siemens in 2017. The campus is now fully occupied by Siemens Industry Software.

    The cash deal translates to $244 per square foot, significantly higher than the property's assessed value of $57.8 million earlier this year. Prologis has been diversifying its portfolio as revenue drops due to a growing number of empty warehouses across the US. In response, the company is exploring opportunities in artificial intelligence and data centers.

    This acquisition marks another significant investment by Prologis, which reported an 18% decline in revenue to $2.01 billion for the quarter ending in June. The company's efforts to adapt to a changing market come as the logistics warehouse sector faces slowing demand.