Scott Frazier of CB Richard Ellis, who represented both the buyer and the seller, tells GlobeSt.com that the new owner is already working on tenant improvements at the site, which formerly was the home of Irvine BMW and is part of the Irvine Auto Center. The property already has a showroom and service area, Frazier says, but it needs modifications to make the switch from auto to motorcycle sales. The property was built in 1985 and has always been an auto dealership, he says.
Tony Bell, owner of Spectrum Motorsports, tells GlobeSt.com that his company has grown almost fourfold in the two years it has been at the Lake Forest location, where he has 7,600 sf of leased space. He says Spectrum hopes to move into the new space Oct. 1.
"We still have about three years on our lease, but we had to have room to expand," Bell says. He tells GlobeSt.com one of his goals at the new location is "to become the biggest motorcycle dealership in Orange County."
Bell says the extra space will allow him not only to carry more motorcycles but also to stock more accessories, including motocross pants and shirts, and to add a "mini-Oakley sunglasses store." He adds that he will also carry AquaTrax personal watercraft and other motor sports products and accessories in an effort to expand his customer base beyond motorcyclists.
Frazier tells GlobeSt.com that sales of auto dealerships are relatively rare because the dealers tend to own their own real estate and remain on the properties for many years, and in cases where dealers lease their space, the properties often remain in the same landlord's hands for many years on long-term leases."Typically, they stay in one place for a long time, especially in a successful auto center like this one," he said.
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