A shallow bay industrial portfolio in Dublin’s East Bay has changed hands, with Newmark arranging the sale of the Sierra Trinity complex. The 11-building portfolio, located at 6701 Sierra Ct., consists of multi-tenant industrial space and was marketed on behalf of an undisclosed seller. Newmark’s capital markets team represented both sides of the transaction, with executive vice chairman and president, Western Region Capital Markets, Steven Golubchik, vice chairman Edmund Najera, senior managing director Darren Hollak and associate director Brendan Raney advising the parties.
According to Newmark, the marketing effort for Sierra Trinity generated interest from a wide range of investor profiles, including institutional buyers, local investors and family offices. The strong competition for the asset highlighted ongoing investor appetite for multi-tenant, shallow bay industrial product in infill locations within the East Bay. Newmark indicated that the depth of the bid pool underscored how this segment of the industrial market continues to attract capital seeking stabilized cash flow and potential rent growth.
Sierra Trinity was reported to be 97% leased at the time of sale, with nearly 40 tenants occupying space across the 11-building portfolio. The tenant roster spans a variety of industries, supporting a diversified income stream for the new ownership. Newmark noted that the property offers strong in-place cash flow, supported by an average lease commitment of more than nine years across the tenant base.
In addition to current income, the portfolio was described as offering future upside potential. Newmark cited the opportunity to mark rents to market over time and reported that renewing tenants at the property have achieved an average rental rate increase of approximately 7%. This combination of high occupancy, long weighted-average lease term and demonstrated rent growth was highlighted as a key component of the investment thesis for Sierra Trinity.
The sale of Sierra Trinity adds to transaction activity in the East Bay’s industrial sector, particularly for stabilized, multi-tenant shallow bay assets in established infill locations. While the identities of the buyer and seller and the purchase price were not disclosed, the competitive marketing process and leasing profile suggest the asset is positioned as a long-term income-producing holding for its new owner.
