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12/16/25
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A joint venture between Palisade Group and Pearlmark has acquired a 143k sf industrial building in the East Bay city of Newark. The buyers obtained $30 mil in first mortgage debt for the acquisition, renovation and lease up of the property, located at 7411 Central Ave, west of I-880.
Built in 1998, the fully vacant property sits on 7.95 acres on the corner of Central Ave and Filbert St, in the heart of the I-880 Corridor in the Fremont/Newark submarket. The building features a 24’ clear height, 33 dock-high doors, 12 grade-level doors and 310 parking stalls.
Accessibility to three major airports and Northern California’s largest port, the Port of Oakland, make the area one of the most sought-after logistical destinations in the Bay Area. Due to its location, distribution and warehouse space is in particularly high demand. The region is also a hub for advanced manufacturing, with AI hardware, electric vehicles and robotics representing roughly 30% of manufacturing tenant requirements in the region. According to JLL, demand from advanced manufacturing in the East Bay has increased 160% since the start of the year, with a majority seeking buildings that can accommodate higher power requirements.
David Pelaia and Josh Blank with JLL Capital Markets arranged the financing, which was funded by Mesa West Capital.
“There is especially robust demand in East Bay, and particularly in the Newark submarket, from companies utilizing space in various ways ranging from warehouse distribution to advanced manufacturing” said Josh Westerberg, Head of Originations for the Western Region at Mesa West Capital. “The sponsor’s robust capital improvement plan for this property will broaden the potential tenant pool and capture this demand.”
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