Dermody Buys 1.1 MSF Industrial Asset in California

June 12, 2025

The property previously traded for nearly $130 million.

Dermody has acquired the 1.1 million-square-foot Building 1 at the Tripoint Logistics Center, a 300-acre master-planned industrial park in Lathrop, Calif. BGO previously owned the asset, CommercialEdge shows. CBRE represented the buyer.

Crow Holdings developed the campus in partnership with Goldman Sachs and subsequently sold some of its facilities. BGO paid $129 million for Building 1 in 2019. Four years later, EQT Exeter acquired Buildings 3, 5, 6 and 7—totaling 1.5 million square feet—for $195 million, the same source reveals.

Completed in 2019, Building 1 features a clear height of 40 feet and a cross-dock configuration. E-commerce company Wayfair fully leased the facility, which was developed on a build-to-suit basis for the home decor firm.

Located on nearly 50 acres at 5120 Glacier St., the property is roughly 2 miles from Interstate 5 and some 4 miles from Interstate 205. The Stockton Metropolitan Airport operates some 12 miles northeast, while the downtown areas of San Jose, Calif., Sacramento, Calif., and San Francisco are reachable within approximately 70 miles.

CBRE Vice Chairmen Rebecca Perlmutter and Tom Davis represented Dermody in the acquisition proceedings.

More industrial product trades in Central Valley

Central Valley’s industrial sale volume stood at nearly $311 million during the first five months of 2025, marking a 34.6 percent drop year-over-year, according to CommercialEdge information. However, more than 5.3 million square feet of industrial product changed hands, a figure nearly 32 percent higher than the one reported during the same period last year.

Since its 1960 inception, Dermody has deployed more than $10 billion, acquiring and developing some 110 million square feet of logistics and industrial properties. Last year, the company closed its fourth industrial fund, securing upward of $1 billion in commitments. The investment vehicle targets value-add, single-asset and portfolio deals, as well as development projects, throughout infill locations across the nation.