North Palisade Partners, a development and investment firm specializing in industrial, industrial outdoor storage (IOS), and self-storage properties recently acquired an 8-acre site at 4125 Breakwater Ave. in Hayward for $19.7 million. The fully leased property is a value-add IOS facility located at the base of the San Mateo-Hayward Bridge.
John Petersen, partner of Los Angeles based North Palisade commented on their decision to invest: “The San Francisco Bay Area remains an attractive target for industrial investments due to its tight infill market with elevated barriers to entry on the West Coast.” He further noted that “the region is nearly built out with entitlements difficult to secure; geographic constraints surrounding densely populated areas have created a supply and demand imbalance.”
Dick Scott from Scott Ventures I Inc., represented North Palisade during negotiations while Jay Hagglund from Cushman & Wakefield acted as representative for the unnamed seller. Current tenants include United Rentals, SSS Transport, Outfront Media American Tower and Crown Castle .
