Fremont Remains on Investors’ Radar for Industrial Buys
Dermody Properties recently acquired a property in Fremont, which has long been a preferred industrial site due to accessibility to the Bay Area, access to engineering and manufacturing labor, and business-friendly environment.
FREMONT, CA—An industrial/office facility at 44370 Christy St. has 88,246 square feet currently available for lease, which includes 26,473 square feet of office space. Building features include a 20-foot clear height, four dock-high doors, two drive-in doors, 277 auto parking spaces and an ESFR fire protection system.
Dermody Properties recently acquired the property which offers direct frontage to Interstate 880 as well as access to Interstate 680. This proximity to two of the three main commuter freeways running through the Silicon Valley gives the property greater accessibility and visibility for logistics users.
Fremont has long been a preferred industrial submarket due to its accessibility to the greater Bay Area, access to high-level engineering and manufacturing labor, and its business-friendly environment. These are some of the advantages that caught Dermody’s attention.
“Fremont has become an incredible place for manufacturing,” said George Condon, West region partner for Dermody Properties. “The employers in Fremont and the engineers living in and near Fremont are outstanding. We look forward to remodeling this building and leasing it to one to four companies.”
The Fremont submarket is home to manufacturing and assembly centers for Apple, Facebook, Tesla, Lam Research, Delta Products, Seagate, Western Digital, Thermo Fisher and Boston Scientific, among others.
“Companies continue to move to Fremont for manufacturing and distribution,” Condon tells GlobeSt.com. “Fremont is perfectly positioned in the Bay Area to serve both the South Bay and the East Bay. The property we purchased fronts I-880 and is close to all the amenities tenants require.”
Will Connors, Daniel Renz, Erik Doyle, Greg Matter, Eddie Shuai and Rich Branning of JLL were the listing brokers for the property.
“Between its proximity to the Bay Area, the business-friendly environment of its location and access to a strong labor pool, this property is ideal for West Coast operations,” said Douglas A. Kiersey Jr., president of Dermody Properties. “There is continued growth and potential in this region of the country, and it’s exactly what we look for when seeking investments for our customers’ success.”
Silicon Valley’s industrial-warehouse sector grew even more competitive in the third quarter of 2019, posting 129,600 square feet of positive net absorption and pushing the combined vacancy rate to 1.5%, down 10 basis points year-over-year, according to a Colliers International third-quarter report.
Dermody Properties is a private equity real estate investment, development and management company focused exclusively on the logistics real estate sector.