Sean Pathiratne owner of LS Auto Mall sells its prized property in Fremont for $28.5 million to LBA Realty in red hot industrial market
FREMONT, Calif. – 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.
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