Galvanize Real Estate has acquired a four-property, 300,000-square-foot industrial portfolio in Milpitas, California, marking the sustainable real estate strategy’s entry into the state.
The acquisition expands Galvanize Real Estate’s nationwide portfolio to approximately 3.5 million square feet and extends its industrial real estate investment strategy beyond existing East Coast and Midwest markets.
The properties are located in the Interstate 880 East Bay corridor, a major advanced manufacturing market with access to skilled labor and transportation infrastructure and limited new industrial supply.
Galvanize plans to increase the performance and power capabilities of the properties while pursuing energy improvements intended to lower operating costs and carbon emissions.
Its business plan includes behind-the-meter solar power, battery energy storage and electric vehicle charging infrastructure.
The planned solar installations are expected to generate more than 1,000 MWh of clean electricity annually and would represent Galvanize Real Estate’s first behind-the-meter renewable energy deployment.
Galvanize expects the improvements to reduce annual operating carbon emissions by approximately 279 metric tons.
Over 30 years, the avoided emissions would be equivalent to those created by burning more than 2.43 million pounds of coal, according to the firm.
Galvanize is a global asset manager investing across energy innovation, resilience and intelligence through strategies spanning seed, venture, growth, public equities, credit and real estate.
KEY QUOTES:
“California has always been an attractive and natural target for us, given its combination of decarbonization potential and strong real estate fundamentals.”
Joseph Sumberg, Managing Partner and Head of Galvanize Real Estate
“We are excited to enter this market with the acquisition of four assets, which we intend to make higher-performing, higher-power, and more attractive to tenants.”
Nadine Anderson, Managing Director of Acquisitions at Galvanize Real Estate
