The new owner, an individual investor, paid $13.25 million in what broker Walter Hermann of Beitler Commercial Realty describes as an "above-market" deal.
"The operator (of the dealership) is on a 25-year lease, so that made it a very attractive deal," Hermann tells GlobeSt.com. Hermann teamed with Beitler's Catherine O'Brien to represent the buyer, while Beitler's Drew Hild repped the seller.
The property, at 8833-8845 Wilshire Blvd., is leased to Charlotte, N.C.-based Sonic Automotive, a publicly held company that says it's the nation's second-largest auto retailer, based on revenue, with 185 dealerships and 44 collision repair centers in 15 states.
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