Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired a 70,209-square-foot logistics facility at 45535 Northport Loop East in Fremont.
The building is situated on 4.67 acres in San Francisco’s East Bay and was originally constructed in 1998. Dermody Properties will invest in significant exterior and interior capital improvements to the building, including a new roof.
There is 49,615 square feet of available space within the building, which features a 20-foot clear height, four dock high doors and four drive-in doors.
“The Fremont market continues to attract new companies and is a preferred location for manufacturers, especially those tied to the Silicon Valley,” said George Condon, West Region Partner at Dermody Properties. “This property offers direct access to Interstate 880 and provides customers with a strong employment base, drawing from the population of 216,000 people in Fremont.”
Michael Karp and Victor DeBoer of Cushman & Wakefield represented Dermody Properties in the transaction and will be the leasing agents for the property.
The region offers access to high-level engineering and manufacturing talent and a business-friendly environment. The East Bay has also become one of the largest light manufacturing and assembly centers, offering ample access to large blocks of high-quality infill assets to fulfill last-mile delivery expectations.
“The vacancy rate for warehouse and manufacturing space in the region is low by historical standards. Demand remains high as manufacturing and distribution users are migrating from core submarkets of Silicon Valley,” said Shelagh Danna, Vice President at Dermody Properties. “This property presented a value-add investment opportunity that’s rare in a market such as this one.”