(EDITOR’S NOTE: According to sources with knowledge of the transaction detail, the property sold for $49.8 million.)
HAYWARD, Calif. — Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired the former Berkeley Farms milk processing facility on 20.23 acres of land located at 25500 Clawiter Road in Hayward. Dermody Properties will demo the existing facility and redevelop the property, to become LogistiCenterSM at Highway 92.
Located in the center of the San Francisco Bay Area, LogistiCenterSM at Highway 92 will consist of two Class-A logistics buildings totaling 382,290 square feet. Each building will be able to accommodate between one and three customers. Demolition work will begin in October 2020 with final delivery expected in the second quarter of 2022.
Jason Ovadia of JLL represented Dermody Properties in the transaction. Listing brokers on the project will be Ovadia, Greg Matter and Mike Murray of JLL.
“The Hayward submarket has become one of the largest warehousing and distribution centers in the Bay Area and is the second-largest industrial market along the I-880 corridor,” said George Condon, West Region Partner at Dermody Properties. “The property offers immediate access to Highway 92, Interstate 880, the Peninsula and the Port of Oakland. Its central location allows companies to reach the largest number of customers in the shortest possible time.”
The existing facility was previously owned by the Dean Foods Estate. Once the redevelopment is complete, each of the two buildings at LogistiCenterSM at Highway 92 will offer a 36-foot clear height, seven-inch concrete slab, 130-foot truck court, and will be equipped with an ESFR fire protection system, making it ideal for e-commerce.
“New-construction, state-of-the-art distribution space is highly sought-after as infill development in the Bay Area,” said Shelagh Danna, Vice President at Dermody Properties. “Particularly as e-commerce continues to trend upwards, LogistiCenterSM at Highway 92 will help to meet the ongoing demand as it’s ideally positioned to serve the greater Bay Area.”
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 89 million square feet of industrial space. In addition to its corporate office in Reno, Nev., it has regional offices in northern and southern California, Atlanta, Phoenix, Seattle, Chicago, Dallas, New Jersey and Nevada.