Reno’s Dermody Properties buys 390,000 sq. ft. NorCal distribution center
RENO, Nev. — Dermody Properties has acquired a 390,800-square-foot distribution space at Hacienda Business Park in Pleasanton, Calif, the company announced Nov. 8.
According to the Reno-based company, 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.
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 in a statement. “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.”
Greig F. Lagomarsino, Michael K. Lloyd, John S. Steinbuch and Nick Ousman of Colliers International, and Adam Pastor from Eastdil Secured reportedly brought the opportunity to Dermody Properties.
Based in Reno, Dermody Properties is a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector. Go to dermody.com to learn more.
With median home prices topping $500,000 in Reno and nearly $520,000 in Minden/Gardnerville, 2021 is shaping up to be quite the sellers’ market for Northern Nevada. As for housing supply, that’s another story, reports the NNBW’s Kaleb M. Roedel.