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6/07/22
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North Palisade Partners has acquired Palisade Whitney Logistics Yard, a 2.24-acre industrial outdoor storage / multi-use yard in Fremont, CA, for roughly $8 mil.
Located at 300 Whitney Place, the industrial infill site within Warm Springs Business Park features an existing paved lot that is currently leased to an autonomous vehicle company and used as a test track. Once the lease expires, the site could be developed with a Class A industrial facility of up to 42k sf to meet robust demand for well-located infill warehouse space.
The property is ideally situated between the I-680 and I-880 freeways near the Tesla factory, making it an ideal location for logistics and supply chain industrial operators serving the entire Bay Area region. The convenient location allows for easy access to Oakland International Airport, the Port of Oakland, San Jose International Airport, and communities in the South Bay and the Silicon Valley such as Milpitas and San Jose.
The deal marks North Palisade’s entry into the Bay Area market as it continues to expand its footprint across key Western U.S. supply chain and logistics markets. Colliers International’s Ed Hofer and Colliers’ Emerson Hofer represented North Palisade Partners in the transaction.
“The East Bay industrial markets in the Oakland I-80 and I-880 Corridor continue to experience soaring demand from e-commerce and third-party logistics firms,” noted Hofer. “Since this is one of only a few infill sites in Fremont available for development, we expect North Palisade will be well positioned to realize value should they elect to build a facility on the site.”
Demand has placed downward pressure on vacancy rates and upward pressure on lease rates. Industrial vacancy rates in the East Bay dropped to 2.6% in Q1 2022, near the market’s historical low, reports Colliers. The East Bay market is also anticipated to have a five-year rent growth rate of 28.5%.
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