Dermody has acquired Tripoint Logistics Center Bldg. 1, in Lathrop. The 1,135,653-square-foot Class A industrial building is occupied by e-commerce company Wayfair. Although the sale price was not disclosed, the property last traded for $130 million in 2019.
Tripoint Logistics Center Bldg. 1 is a cross-dock industrial building featuring full drive-around access. The building is one of only nine in the Central Valley offering a clear height of 40’.
“This acquisition underscores Dermody’s commitment and long-term investment in the West Region,” said Tim Walsh, partner and CIO 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.
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