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Two investment firms have expanded their industrial portfolios in the San Francisco Bay Area. San Mateo-based Nazareth Enterprises acquired two properties in the Madrone Business Park in Morgan Hill. The firm is now the largest industrial landlord in the city. Dermody Properties acquired the fully leased, 81,704 SF Fremont Industrial Center.
Nazareth Enterprises paid $15.6M for the properties at 18705 and 18715 Madrone Parkway. These 60K SF and 120K SF flex buildings sit on about 10 acres in Morgan Hill. The company acquired the Paramit Building in 2016 in the same area. Nazareth now leases 332,500 SF on the 20-acre parcel off Madrone Parkway.
Landmark Real Estate Services owner Abe Matar repped Nazareth Enterprises and the seller was repped by Stan Johnson Co. Sterling Bank & Trust financed the transaction.
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The Bay Area remains a key market for Dermody Properties. It has bought several properties within the last 12 months, including the Silicon Valley Industrial Center in San Jose and an industrial center in Hayward.
“The San Francisco Bay Area is a hub for many industries ranging from technology and e-commerce to omnichannel retail, distribution and manufacturing,” Dermody Properties President Douglas Kiersey said.
Dermody Properties plans substantial improvements to the Fremont Industrial Center, including a new roof, interior renovations and HVAC upgrades. The building features modern office space, loading for advanced manufacturing and four parking spaces per 1K SF. Tenants consist of advanced manufacturing. The property at 2710 Lakeview Court sits on about five acres next to Interstate 880.
Dermody Properties acquired the asset from a private investor. JLL Senior Vice Presidents Eddie Shuai and Steven Chon repped both buyer and seller.
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