Newmark arranged the sale of Sierra Trinity, an 11-building, shallow bay industrial portfolio located in the East Bay city of Dublin. Executive vice chairman and president, Western Region Capital Markets Steven Golubchik, vice chairman Edmund Najera, senior managing director Darren Hollak and associate director Brendan Raney represented the undisclosed seller and buyer.
“The marketing process for Sierra Trinity yielded a deep bid pool of institutional, local and family office buyers,” said Golubchik. “The competitive marketing process demonstrated the demand for multi-tenant, shallow bay industrial product in infill locations.”
Sierra Trinity, located at 6701 Sierra Ct., was 97% leased at the time of the sale to nearly 40 tenants across a variety of industries. The property provides strong in-place cash flow with an average commitment exceeding nine years, as well as potential future upside by marking rents to market and an average rental rate increase of 7% from renewing tenants.
