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Nevada Developer Acquiring Milpitas Amazon Site

Nevada Developer Acquiring Milpitas Amazon Site

Reno, NV-based Dermody Properties has agreed to purchase a 29-acre office campus from Amazon in Milpitas, CA, with approved plans to redevelop the site into a 490,000-square-foot industrial facility. The deal is expected to close in April, and the Silicon Valley Business Journal reports Dermody intends to break ground in July. Terms were not disclosed.

Amazon purchased the vacant, four-building site in October 2021 for $123 million, with plans to build a distribution center, but the on-line retail giant will sell the asset in an ongoing cost-cutting effort. Amazon still maintains two distribution centers in Milpitas.

Dermody’s George Condon told the Business Journal that the property’s proximity to Silicon Valley and Interstate 880 was important for the company, and that the new facility will be one of just a few Class A industrial properties along the I-880 corridor. Condon expects the building will be occupied by a traditional warehouse user or an advanced manufacturing tenant.


Inside The Story

Dermody PropertiesGeorge Condon

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition
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