News
Dermody Announces Acquisition of Tripoint Logistics Center Bldg. 1, Facility Housing Wayfair in Central Valley Submarket
Dermody is pleased to announce the acquisition of Tripoint Logistics Center Bldg. 1, in Lathrop, California. The 1,135,653 square-foot Class A industrial building is occupied by e-commerce company Wayfair. Situated within a 300-acre master planned logistics park, the building and its surrounding area account for 49.62 acres.
Located in the California Central Valley, the primary market serving the greater Bay Area and Northern California, Wayfair distributes to all of the company’s North American warehouses. Situated at the junction of Interstate 5 and State Route 120, the site is near major interstates and highways, within close proximity to the Port of Oakland and approximately 350 miles to the Port of Long Beach.
“We’re always pleased to acquire Class-A buildings in submarkets like Lathrop where supply is extremely limited,” said George Condon, West Region Partner at Dermody. “In addition to the property’s ideal location, our customer benefits from the Central Valley’s strong labor pool.”
Tripoint Logistics Center Bldg. 1 is a cross-dock industrial property featuring full drive-around access. The building is one of only nine in the Central Valley offering a clear height of 40’, making it ideal for e-commerce fulfillment, distribution, warehousing and more.
“This acquisition underscores Dermody’s commitment and long-term investment in the West Region,” said Tim Walsh, Partner and Chief Investment Officer at Dermody. “With the Central Valley being one of the few major markets to post positive year-over-year rent growth, this location reflects Dermody’s ongoing strategy of expanding in key areas where our customers want to be located.”
Dermody was represented by Rebecca Perlmutter of CBRE National Partners and Tom Davis of CBRE in this transaction. Dermody’s West Region currently has 11 available properties, offering 2.6 million SF of state-of-the-art logistics space. For more information on available properties, please visit the West Region page on the Dermody website.