**Dermody Acquires Wayfair-Leased Industrial Property in Central Valley**
Dermody Properties has acquired Tripoint Logistics Center Building 1, a 1,135,653-square-foot Class A industrial facility located in Lathrop, California. The property is fully leased to leading e-commerce retailer Wayfair. While the sale price was not disclosed, the asset last changed hands for $130 million in 2019.
Tripoint Logistics Center Building 1 is a cross-dock warehouse with full drive-around access and is one of only nine properties in California’s Central Valley offering a clear height of 40 feet. This modern design makes it a valuable asset in the current industrial market.
“This acquisition underscores Dermody’s commitment and long-term investment in the West Region,” said Tim Walsh, Partner and Chief Investment Officer at Dermody Properties. “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 in the transaction by Rebecca Perlmutter of CBRE National Partners and Tom Davis of CBRE.
