FREMONT, CA-A 9.5-acre property here that includes an auto dealership business and excess developable land has changed hands for $26 million, according to Marcus & Millichap, the firm that brokered the transaction. The sales price translates to a 6.75% capitalization rate on in-place income, according to M&M.

Located adjacent to the Pacific Commons master-planned business park, the Fremont Motorcars dealership occupies 7.2 acres and includes two buildings totaling 50,654 sf,net rentable. Net leased for 15 years to Sonic Automotive, the dealership includes a Volvo sales and business office in a 13,095-sf building and a Jaguar and Land Rover sales office, as well as parts and services department, in a 37,559-sf building.

The remainder of the property, approximately 2.3 acres, is undeveloped. Sonic has right of first refusal to expand onto the property with another sales office for another auto brand.