North Palisade Partners, a development and investment firm focused on industrial, industrial outdoor storage (IOS) and self-storage properties, acquired a nearly eight-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.
“The San Francisco Bay Area is appealing as an industrial investment target for us, primarily because it remains a tight infill market on the West Coast with elevated barriers-to-entry,” said John Petersen, partner of Los Angeles-based North Palisade. “The region is nearly fully built out, entitlements are difficult to secure and there are geographic constraints that surround the densely populated region, which has created a supply and demand imbalance.”
Dick Scott of Scott Ventures I, Inc. represented the buyer and Jay Hagglund of Cushman & Wakefield represented the unnamed seller. The property is currently occupied by United Rentals, SSS Transport, Outfront Media, American Tower and Crown Castle.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).