North Palisade Partners has bought the 2.2-acre Palisade Whitney Logistics Yard in Fremont, Calif., for roughly $8 million. The transaction marked the company’s first acquisition in the Bay Area. Colliers International represented the buyer in the acquisition and, according to CommercialEdge data, Blackstone was the seller.
Located within Warm Springs Business Park, the paved lot is currently leased to an autonomous vehicle company, being used as a test track. After the lease expires, the new owner will be able to develop an up to 42,000-square-foot Class A industrial facility on the site, catering to the high demand for well-located warehouse space in the market.
Colliers Executive Vice President Ed Hofer said in prepared remarks that demand in the East Bay industrial markets continues to be fueled by e-commerce and third-party logistics firms.
Situated at 300 Whitney Place, Palisade Whitney Logistics Yard is between interstates 680 and 880, providing easy access to Oakland International Airport, the Port of Oakland and San Jose International Airport. The property is also less than 3 miles southeast of the Tesla factory.
North Palisade Partners currently owns more than 450,000 square feet of industrial space, CommercialEdge data shows. The company focuses on acquiring assets in key logistics markets throughout Northern and Southern California, Las Vegas, Reno, Seattle, Portland and Phoenix. So far this year, North Palisade Partners has purchased four industrial and self storage development properties in California for a combined total of $130 million.