OAKLAND, CA - May 16, 2016
– Colliers International announced today the sale of 5555 Auto Mall Parkway, Fremont, a ±177,041 square foot manufacturing and warehouse distribution building. The facility is situated on ±11.31 acres of prime real estate located directly across the street from Pacific Commons Shopping Center and one block from I-880.
The property was acquired by LBA Realty (www.lbarealty.com
). LBA Realty owns and operates an industrial portfolio that totals over 25 million square feet located throughout the western United States.
The state-of-the-art facility was purchased in 2009 by Sean Pathiratne, the owner of LS Auto Mall, LLC. Mr. Pathiratne owns several commercial/industrial buildings in Northern California. The Fremont market is one of the strongest industrial submarkets in the San Francisco Bay Area with a vacancy rate of ±1%. “As rental rates continued to strengthen, Mr. Pathiratne entered into a long term lease with Synnex Corporation (www.synnex.com
) which is headquartered in Fremont and currently occupies over ±700,000 square feet in multiple buildings. Synnex is a Fortune 500 company that is the leader in IT distribution and business process outsourcing with operators in 26 countries. “I was not interested in selling, but due to the substantial increase in value and the strong demand for this property, I decided to take advantage of market conditions” said Mr. Pathiratne.
The ±177,041 square foot warehouse/distribution space features 30’ minimum ceiling clearance, ample dock and grade level doors, an ESFR sprinkler system and many other modern building features which are appealing to the most successful and dynamic companies.
“5555 Auto Mall Parkway is the perfect combination of a best in class asset leased to an exceptional company in one of the strongest industrial submarkets in the country,” said Greig Lagomarsino, SIOR
, Executive Vice President of Colliers International’s Oakland Office who managed this transaction along with Nick Ousman
, Vice President, also of Colliers International and Brian Matteoni, SIOR of CBRE.
About Colliers International Group Inc.
Colliers International Group Inc.
(NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries
. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’
Global Outsourcing 100 for 10 consecutive years, more than any other real estate services firm.
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