OAKLAND, CA-An HVAC distributor has signed the largest lease San Leandro has seen in two years. In a deal valued at $4 million, US Air Conditioning Distributors Inc. has leased 162,000 sf in a 288,000-sf building at 1951 Fairway Dr. in San Leandro. The term is 75 months or just over six years.

US Air Conditioning Distributors Inc. is the world’s largest privately owned HVAC distributor, with 39 locations in California, Nevada., Utah and Idaho. The company will use the site as its Northern California regional office. It will provide administrative and staff offices, and storage and distribution of air conditioning equipment and related material.

“This deal almost triples the total amount of warehouse activity in San Leandro year to date,” said Greig Lagomarsino, the senior vice president at Colliers International in Oakland who brokered both sides of the transaction. “The industrial market seems to be turning the corner as activity has increased significantly.”

There were roughly 1.09 million sf available in the San Leandro market at the end of the first quarter, which put vacancy at 7.6%, says Lagomarsino. At the end of 2002, vacancy was 9.3%.

The building US Air Conditioning will occupy sits on 17 acres. The building owner, Fairway Properties, intends to develop some of the surplus acreage on the site in the near future, says Lagomarsino.

Lagomarsino was assisted on the owner side of the transaction by Colliers’ Michael Barry. On tenant side, he was assisted by Philip Krevoy with Realatrends.

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