FREMONT CA-CW Kato Investors LLC has purchased 47550 Kato Road, a 254,593 square foot warehouse, for use by its affiliate, Homelegance, Inc.
The deal closed on Dec. 30, and terms of the sale were kept confidential. Casey Ricksen, senior VP with Colliers International in Oakland arranged the transaction, which is said to be the largest user- occupied distribution sale of 2013 in the market.
“This transaction is a win/win for both parties and is further evidence of a strengthening trend in user acquisitions along the 880 Corridor,” Ricksen said. “The inventory of quality larger warehouse buildings for sale is almost nonexistent and many of the recent large facility sales were not on the market. This was a great acquisition given the freeway identity, functionality, and close proximity to the buyer’s main distribution facility.”
The seller, Westcore Kato, LLC, was represented by Craig Bevan, Doug Norton and Michael Walker of CBRE Oakland. Financing was provided by Tom Signorelli with Westgate Financial.
Homelegance, Inc. will be the affiliate company occupying the building., and will relocate from a larger facility in Hayward. Homelegance and its affiliates are consolidating their facilities to Fremont. They are also nearing completion of a 95,000 square-foot build to suit in Fremont, scheduled for occupancy in the first quarter of 2014. Ricksen is also the broker of record for that project, developed by Sisler & Sisler Construction.