FREMONT >> An advanced manufacturing project in Fremont took another step forward after a real estate company bought the land needed for the new development.

The 4.2-acre property, located at Fremont Boulevard and Ice House Terrace, was bought for $6.8 million by North Palisade Partners through an affiliate, according to documents filed March 18 with the Alameda County recorder’s office.

Hugo Development sold the property. Colliers commercial real estate brokers Dion Campisi and Edward Hofer arranged the purchase.

The brokers are scouting for tenants to lease the building, which will total 69,900 square feet once it’s complete, according to North Palisade Partners.

“The city of Fremont has been an incredible partner,” said John Peterson, a partner with North Palisades. “We have a shared vision to create new vitality for this long-vacant parcel.”

The property purchase occurred in the wake of a decision by the Fremont City Council to rezone it to industrial technology.

“We couldn’t be more excited to be part of Fremont’s work to attract a strong, thriving cluster of advanced manufacturing,” Peterson said.

The new zoning designation enables the development of advanced manufacturing facilities and related operations.

“This significant investment is great news,” Fremont Mayor Raj Salwan said. “This kind of teamwork supports our ongoing efforts to attract high-tech, advanced manufacturing companies that create great jobs right here in our city.”

More than 900 workers in Fremont are in the advanced manufacturing field, a sector that makes up nearly 25% of the jobs in the city, according to officials.

“This success isn’t accidental,” Salwan said. “It’s the result of a deliberate strategy to bring in companies that help grow our economic base.”