FREMONT, CA-Standard Industries has purchased a six-building, 292,063-sf R&D park here from TIAA Realty for $28 million. The campus is located on Mission Falls Court. The acquisition included 5.23 acres of land for expansion.

Rob Shannon and Joe Kelly of Colliers International represented Standard Industries. George Eckard and Grant Lammersen of Cushman & Wakefield represented TIAA.

In a voicemail message, Shannon tells that Standard is a high-net-worth individual holding for long-term appreciation. He could not be reached Thursday for comment on occupancy, availability and lease rates.

“[Standard's] strategy is to buy into recovery markets that we believe have a number of drivers, such as the Silicon Valley, and to be part of the rising rents,” Shannon says.

The campus, referred to by C&W as Mission Falls Business Park, is not the nearby Mission Falls Business Park that changed hands back in August. That development, three R&D buildings totaling 128,000 sf on 7.7 acres, sold to San Diego-based Westcore for $11.2 million. The listing broker, Tyler Kemp of Santa Clara-based CPS tells that two of those buildings, which were vacant at time of acquisition, are being renovated and subdivided into smaller units.

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