From Car Rentals To Elder Shuttles

April 11th, 2014

From Car Rentals To Elder Shuttles

As published in BisNow Real Estate:

From one car service to another: A-Para Transit just bought a former Hertz facility in San Leandro for $3.8M. TMC Financing biz development officer Kurt Chambliss, above, tells us the deal was unique because of the size of the lot and the fact the property has a refueling area and car wash. (We’ve always wanted a car wash of our very own.) Multiple offers were on the table, he says. The 9,520 SF building and a four-acre commercial lot will store A-Para Transit’s fleet of 110 vehicles at 1420 Doolittle Dr.

A-Para Transit provides pre-scheduled transportation services to some 900 elderly or adult-handicapped people each day. A trio of siblings (Mandeep, Reena, and Sundeep Kumar) own and operate the family business, founded by their dad in 1979. They were able to get 90% financing, which is unique for special-purpose properties; they had to convince the lender that the new use was not special purpose, says Kurt. Lots of banks want to do financing, and rates are very low now that we are over the recession, he says. TMC provided financing for 40% of the purchase price via an SBA loan, with the rest provided by Bank of America’s Pleasanton office.