RENO – Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired a 390,800-square-foot distribution space at Hacienda Business Park in Pleasanton, Calif. The property will be managed by the company’s West Region office, led by George Condon, West Region Partner.
The warehouse/distribution space is situated on a 22.38-acre parcel and includes excess land for future building expansion resulting in an additional 85,520 square feet. It features 28-30’ interior clear height, 45 dock high doors with the potential to add more, and four grade-level doors making it an ideal property for logistics-focused companies.
The purchase exemplifies Dermody Properties’ strategy to acquire or develop properties in land-constrained submarkets of key logistics markets.
“We focus on areas that offer convenient access and true strategic advantage to industrial and logistics companies,” Condon said. “The property at Hacienda Business Park is located just 20 minutes from the Central Valley, 30 minutes from the Port of Oakland and within 30 minutes of two international airports.”
Hacienda Business Park is directly served by three freeway intersections off I-580 and one near I-680, giving it convenient freeway access in the San Francisco Bay Area. The location also offers many commute benefits because of its reverse-commute location and close proximity to Bay Area Rapid Transit (BART) with trains arriving every 15 minutes during peak travel hours.
“Hacienda Business Park offers highly functional logistics space in a submarket with high barriers to entry for new development,”said Douglas A. Kiersey, Jr., President, Dermody Properties. “This highly desirable property is an ideal complement to the Dermody Properties strategic portfolio and we are pleased to grow our presence in the dynamic and growing Bay Area market.”
Neighboring corporate tenants include national leaders like AT&T, Boeing, Clorox, Roche and Kaiser Permanente, and industrial leaders like US Foods, Iron Mountain and AGA. This breadth and diversity of companies adds to the strength and stability of Pleasanton’s economy by building a local supply chain and robust business-to-business activity.
Greig F. Lagomarsino, Michael K. Lloyd, John S. Steinbuch and Nick Ousman of Colliers International, and Adam Pastor from Eastdil Secured brought the opportunity to Dermody Properties. Dermody Properties will manage the facility at Hacienda Business Park with support from a local JLL property management team.
About Dermody Properties
Dermody Properties is a privately-owned real estate investment, development and management firm that specializes in the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third party logistics and distribution customers. Founded in 1960, Dermody Properties has invested in more than 83 million square feet of industrial space. In addition to its corporate office in Reno, Nev., it has regional offices in northern and southern California, Phoenix, Seattle, Chicago, Pennsylvania/New Jersey and Nevada. For more information visit www.Dermody.com.