Beverly Hills BMW Sold in Recordbreaking Deal
LOS ANGELES — Matthews Real Estate Investment Services announced the $70 million sale of Beverly Hills BMW, a 339,000 square-foot dealership located at 5070/5071 Wilshire Boulevard in Los Angeles. Executives said the “trophy” asset broke records as the highest price ever reported for an L.A. auto dealership.
Positioned in the heart of West Los Angeles on nearly four acres, the property features a 93,000 square-foot state-of-of-the-art car dealership with rooftop parking and a 246,000 square-foot used auto and repair facility. The tenant and dealership operator is Sonic Automotive.
“Four acres on Wilshire Blvd with this much long-term opportunity is a unique find in today’s market. Therefore, it took a unique buyer who was able to afford the record setting pricing yet had capital that was patient enough to wait for the current lease to expire given there still is a material amount of term left on the lease,” said Matthews’ Bill Pedersen, who said the firm fielded dozens of qualified offers. “Interested buyers included developers, family offices, hedge funds, high-net-worth individuals, public REITS and several foreign investor groups.”
A new transit line, the Purple Line, is in the process of being built and projected to be completed by 2027. A large portion of the $9-billion Purple Line will run beneath Wilshire Boulevard. The Purple Line extension will extend westward for nine miles, adding seven new stations along the way.
“This asset has significant redevelopment potential,” said National Director of Multifamily David Harrington. “The proposed up-zoning, due to the Purple Line extension, will provide a high-capacity, high-speed method of travel between downtown Los Angeles, the Miracle Mile, Beverly Hills, and Westwood.”
via Auto Dealer Today https://ift.tt/2qArEas
August 21, 2019 at 01:03PM
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