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9/22/26
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Galvanize Real Estate has acquired the Cadillac Court Industrial Portfolio, a 302.4k sf industrial campus in the Bay Area city of Milpitas. The price was not given out.
Built between 1991 and 1994, the property features 61 dock-high doors, 16 grade-level doors and approximately 8,000 amps of power. The campus serves a diverse tenant roster spanning millwork and fabrication, corporate services, technology and distribution uses. The campus, approximately 95% leased, is located in a highly desirable, strategic infill location directly adjacent to Interstate 880, while also providing immediate access to State Route 237.
Major neighboring technology and industrial occupiers include Tesla, Amazon, SeaGate, Supermicro and Bloom Energy, among many others. The campus is also situated near McCarthy Ranch, one of Milpitas' premier retail destinations, and is surrounded by significant institutional ownership, underscoring the market's long-term appeal among major real estate investors.
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steve Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Darren Hollak and Director Brendan Raney represented the seller in the transaction. Newmark Executive Managing Director Kevin Hatcher advised on the sale of the property as a local market expert.
“The Silicon Valley industrial market is seeing stronger leasing activity, declining vacancy and more demand from advanced manufacturing and AI-driven companies,” said Golubchik. “Cadillac Court offered the opportunity to invest in that momentum in one of the Bay Area’s most tightly held industrial submarkets."
According to Newmark Research, Silicon Valley's industrial market continued to gain momentum during the second quarter of 2026. Industrial leasing activity increased 60.4% quarter-over-quarter and 55.4% year-over-year, driven by large commitments from advanced manufacturing and AI-related occupiers. Market vacancy declined to 6.2%, while net absorption reached 1.4 msf year-to-date, despite more than 714,000 square feet of new deliveries. Asking rents rose 5.1% year-over-year, and sublease availability fell 26.0% during the quarter, signaling improving occupier demand and tightening market conditions across the region.
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