{"id":1004768127,"date":"2025-08-11T03:22:42","date_gmt":"2025-08-11T11:22:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004768127"},"modified":"2025-08-11T03:23:12","modified_gmt":"2025-08-11T11:23:12","slug":"sterling-logistics-fund-acquires-former-bay-area-walmart-store","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sterling-logistics-fund-acquires-former-bay-area-walmart-store\/","title":{"rendered":"Sterling Logistics Fund Acquires Former Bay Area Walmart Store"},"content":{"rendered":"\n<p>Sterling Logistics Properties has purchased a 127,380-square-foot former Walmart store at 40580 Albrae St. in Fremont, Calif., for $32.6 million. The acquisition was made on behalf of Sterling Consumer Logistics Properties I LP, a $225 million equity fund.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/40580-Albrae-St.-warehouse.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004768147\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sterling-logistics-fund-acquires-former-bay-area-walmart-store\/40580-albrae-st-warehouse\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/40580-Albrae-St.-warehouse.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"40580 Albrae St. warehouse\" data-image-description=\"&lt;p&gt;Rendering of the 40580 Albrae St. warehouse redevelopment in Fremont, Calif.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rendering of the 40580 Albrae St. warehouse redevelopment in Fremont, Calif. Image courtesy of Sterling Organization&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/40580-Albrae-St.-warehouse.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/40580-Albrae-St.-warehouse.jpg\" alt=\"Rendering of the 40580 Albrae St. warehouse redevelopment in Fremont, Calif. \" class=\"wp-image-1004768147\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/40580-Albrae-St.-warehouse.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/40580-Albrae-St.-warehouse.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/40580-Albrae-St.-warehouse.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Rendering of Sterling Logistics Properties&#8217; 40580 Albrae St. warehouse redevelopment in Fremont, Calif. <em>Image courtesy of Sterling Organization<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The fund reportedly focuses on acquiring vacant, freestanding retail buildings with the goal of redeveloping them as neighborhood fulfillment centers.<\/p>\n\n\n\n<p>In a company statement, Joe Dykstra, president of Sterling Logistics Properties, said Fremont\u2019s industrial sector continues to experience robust demand and high occupancy levels. He also called the 8.7-acre property an ideal one to redevelop into warehouse space, for either advanced manufacturing or logistics tenants.<\/p>\n\n\n\n<p>This was the fund\u2019s ninth acquisition. Previously acquired properties have been in New York; Los Angeles; San Francisco; Washington, D.C.; Seattle; Chicago; Phoenix; and Silicon Valley.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-report-vacancy-climbs-development-holds-and-pricing-adjusts\/\">Industrial Vacancy Climbs, Development Holds and Pricing Adjusts<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>A Sterling spokesperson did not respond to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n\n\n\n<p>&nbsp;In late April, citing a Walmart announcement, local TV station KRON reported that the Walmart store would be closing late the following month. The reason given by the retail chain was the store\u2019s poor financial performance.<\/p>\n\n\n\n<p>Fremont is the Bay Area\u2019s fourth-largest city and home to multiple technology and advanced manufacturing companies, such as Meta, Apple, Google, Tesla, Quanta, MiTAC Information Systems and Bloom Energy. The property is conveniently accessible to I-680 and I-880.<\/p>\n\n\n\n<p>Sterling Logistics Properties is a subsidiary of Sterling Organization, a vertically integrated private equity real estate investment firm.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-east-bay-industrial-is-a-mixed-bag\">East Bay industrial is a mixed bag<\/h2>\n\n\n\n<p>The East Bay\u2019s industrial market is seeing negative net absorption, in part because of a preponderance of renewals among the strong recent leasing activity, according to a second-quarter report from JLL. Average asking rents are stable amid rising tenant demand, but tenant concessions are up. Total industrial availability in the East Bay is 10.2 percent, also according to JLL.<\/p>\n\n\n\n<p>Last September, <a href=\"https:\/\/www.commercialsearch.com\/news\/sterling-organization-buys-1-msf-retail-portfolio\/\">Sterling Organization purchased<\/a> for $180.5 million a 994,000-square-foot portfolio of three open-air shopping centers. SITE Centers was the seller of the retail assets in the Atlanta, San Antonio and Washington, D.C., metro areas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plans call for the property\u2019s redevelopment into warehouse space.<\/p>\n","protected":false},"author":882,"featured_media":1004768147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21783,21742,21749,36079,15],"tags":[32796,36215,32917],"class_list":["post-1004768127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-investment","category-latest","category-retail","category-san-jose","category-west","tag-jll","tag-sterling-organization","tag-walmart"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sterling Logistics Fund Acquires Former Bay Area Walmart Store - 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