Sterling Logistics Properties has announced the acquisition of 40580 Albrae Street in Fremont, CA (Albrae)
The property is a 127,380-square-foot building, previously occupied by Walmart, situated on over 8 acres of land.
The acquisition was made on behalf of Sterling Consumer Logistics Properties I, LP, a $225mn equity fund.
The fund primarily seeks to acquire vacant, freestanding retail buildings with the intent to redevelop them into Neighborhood Fulfillment Centers.
This purchase marks the ninth acquisition for The fund.
Strategically located in Silicon Valley, Fremont is the fourth largest city in the San Francisco Bay Area and home to many technology stalwarts and advanced manufacturing companies.
The property is conveniently served by Interstates 680 and 880 and is within a 30-minute drive of the San Jose, Oakland, and San Francisco airports, as well as the Port of Oakland.
Situated in one of Fremont’s major advanced manufacturing and industrial corridors, the area is home to a prominent tenant base that includes Meta, Apple, Google, Tesla, Quanta, MiTAC Information Systems and Bloom Energy.
Joe Dykstra, president of Sterling Logistics Properties, said: “We are excited for this to be The fund’s second acquisition in Fremont.
“Fremont’s industrial market has continued to show strong demand and high occupancy.
Coupled with the support from the city, we believe that the location is ideal to develop the property into an institutional-quality warehouse to meet the growing demand from national advanced manufacturing and logistic tenants.”
To date, Sterling Consumer Logistics Fund I has acquired nine properties across major metropolitan areas, including New York, Los Angeles, San Francisco, Washington, D.C., Seattle, Chicago, Phoenix and the Silicon Valley region.
Sterling Organization and its affiliates own 79 properties across various funds in major markets throughout the United States, encompassing over 13 million square feet and exceeding $3bn in value.
Headquartered in West Palm Beach, FL, Sterling Organization operates with offices nationwide.
More on Sterling here: https://www.sterlingorganization.com/