A Stockton auto group has paid $11.9 million for a 4.1-acre car dealership in San Leandro.
An affiliate of Fifth Wave Auto bought the San Leandro Chrysler Dodge Jeep RAM dealer site at 1444 Marina Boulevard in an all-cash deal, the San Jose Mercury News reported.
The seller was FCA Realty, a unit of Stellantis, a Netherlands-based carmaker whose brands include Chrysler, Dodge, Jeep and Ram.
The purchasing affiliate, Salty San Leandro, is led by Carlos Hidalgo, CEO of Fifth Wave Auto, according to state business records. Fifth Wave Auto owns the San Leandro Chrysler Dodge Jeep RAM dealership and Stockton Hyundai, a dealership in San Joaquin County.
The new owners of the San Leandro dealership site had their eye on the property for some time, according to the Mercury News.
The Nicaragua-born Hidalgo, a resident of Folsum, opened Folsom Lake Dodge Chrysler Jeep Ram in 2001, according to his LinkedIn page.
The dealer property in San Leandro is near Interstate 880 and Marina Boulevard and across the street from the Marina Square shopping center.
For comparison, IndiGo Auto Group, a unit of the Netherlands-based Pon Holdings, paid $60.2 million last April for the former site of a Mercedes-Benz dealership in San Francisco, with plans to turn it into a Porsche dealer.
In August, an affiliate of Del Grande Dealership Group paid $6 million to gobble up a nearby parking lot, adding to its expanding footprint along the Capitol Expressway in South San Jose.
In August, truck rental firm Penske paid $70 million for a 2.4-acre industrial property once used as a homeless encampment in San Leandro.
— Dana Bartholomew
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