Dermody Properties to build new Fairfield industrial parkSeptember 27 2021
Daily Republic By Matt Miller
FAIRFIELD — The national industrial and real estate investment firm Dermody Properties recently announced the acquisition of 49 acres at Beck Avenue and Cordelia Road to develop five buildings totaling more than 700,000 square feet into a logistics space.
A ceremony to break ground on Building 1 of LogistiCenter at Fairfield is expected some time in the fourth quarter of 2021 with delivery expected in the third quarter of 2022.
“Fairfield is one of the most business-friendly cities in the greater Bay Area,” said George Condon, the West Region Partner for Dermody, in a press release. “The labor pool is one of the strongest in the region and rental rates are approximately 40% less than rental rates along the 880-Corridor.”
Fairfield was one the fastest-growing cities in the North Bay from 2010-2019, according to statistics from Dermody, and is in the top quintile for housing affordability in Northern California. There are more than 3,200 existing warehouse jobs in Fairfield, with a strong concentration of packaging and filling machine operators.
All five Dermody buildings in Fairfield are available for pre-leasing. Matt Bracco, Glen Dowling and Chris Neeb of JLL will represent Dermody in all its leasing activity.
“I’m not that familiar with Dermody but George Condon has worked in the area a long time and he is very familiar with Fairfield,” said Sean Quinn, interim director of the Solano Economic Development Corporation, by telephone. “I think it will be good for Fairfield. There’s not a lot of space in Fairfield and it could bring in some big companies.”
The new industrial park will feature five buildings ranging in size from 82,629 square feet to 259,000 square feet. Some of the highlights include 32-feet-by-36-feet clear height, at least 50-feet-by-50-feet column spacing and ample car and trailer parking. Each building will be equipped with an ESFR fire protection system and accommodate between 14 and 38 dock high doors.
Dermody touts that the properties will be easily accessible with the San Francisco, Oakland and Sacramento international airports, all located within a 60-mile radius, along with the ports of Richmond, Oakland and Stockton. The site will offer direct access to and is less than half-mile from Highway 12, and Interstate 80 is within 3 miles of the property.
“At Dermody Properties, our strategy is always customer-focused and includes sourcing and developing the best space for their needs,” said Tim Walsh, partner and chief investment officer at Dermody, in a press release. “LogistiCenter at Fairfield is in an ideal location that offers excellent proximity for a last-mile facility and a strong concentration of industrial labor.”
For more information on LogistiCenter at Fairfield, visit the company website, dermodyproperties.com.