Located at 500-526 N. Gilbert St., the 24,505-sf property consists of three buildings. Designed to accommodate 14 tenants, the complex is nearly 100% occupied.
The buyer, Cal Auto Center, was represented by Ren Glanz of Voit Commercial Brokerage's Anaheim Metro office. Tad Garabedian of Ashwill Associates acted on behalf of the sellers, Armando and Robin Jean Rodriguez.
Another auto project is rising in Lake Forest, as construction on the Foothill Ranch Auto Centre kicked off last week. The project, which is valued at more than $100 million, is slated to encompass 38 acres upon completion. Developed by Foothill Ranch Co., the complex is rising along the 241Transportation Corridor at Portola Parkway and Glenn Ranch Road.
Thus far, Daimler Chrysler/Plymouth/Jeep, Joe MacPherson Chevrolet, Tuttle Dodge and General Motors Buick/Pontiac have all signed on, with dealerships designed to total 16 acres combined at build-out. Daimler Chrysler/Plymouth/Jeep's facility is scheduled for a 90-day completion, while the remaining three dealerships are expected to open for business in early 2003.
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