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A pair of Fremont land parcels that host a Nissan and Subaru dealership have hit the market with an asking price of $36 million. The listing comes as August saw the first increase of car sales in the country when compared to last year, according to a report by Marklines.
The listed property is located at 5601-5701 Cushing Parkway and encompasses two parcels totaling 7.22 acres. The entire site is leased to Premier Automotive through 2033 under an absolute NNN lease. The dealerships account for 67,000 square feet of buildings on the property, which would price out at $537 per square foot.
According to public records, the parcels are registered to Fremont Auto Center LLC. The site was built in 2007 and expanded in 2016 and 2022, providing new and used car sales and service for Nissan and Subaru vehicles. The property includes two showrooms, three sets of service bays and a car wash.
The listing comes as the first positive signs emerge for the automotive sales industry. August saw 1.15 million cars sold in the U.S., which was up from 1.1 million during the same month last year. This was the first month 2022 saw an increase in sales compared to last year.
It isn’t just automotive sales that has experienced a bounce back; retail across the board has seen a recovery that is bringing sales back to pre-pandemic levels, according to a report by Calabasas-based brokerage Marcus & Milichap.
“Store-based retail sales, which exclude automotive and gas purchases, as well as those made online or at bars and restaurants, ascended to a record mark in August,” the report said.
Retail real estate has made a comeback in tandem with in-store sales. Examples of recent retail transactions in the East Bay include the Sand Creek Crossing Shopping Center in Brentwood changing hands last month for $495 per square foot, and Village Shopping Center in Danville closing for $303 per square foot.
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