Los Angeles Los Angeles

A BMW dealership in Beverly Hills has traded hands for a record-breaking price. The 339,000-square-foot trophy asset sold for $70 million, the highest price paid for a car dealership in the Los Angeles market, GlobeSt.com has learned exclusively.

“We were able to achieve a considerable amount of interest and competitive pricing due to a combination of platform and property,” Kyle Matthews, chairman and CEO of Matthews Real Estate Investment Services, tells GlobeSt.com. “When you have a property with this type of location and tenant, it’s reasonable to expect substantial interest. However, the most significant driving factors were our marketing and technology platforms. Through these, we were able to leverage our centralized database of hundreds of thousands of potential buyers and receive alerts in real-time about buyer activity. Demand for this property was generated to such a high extent that a market record price and low cap rate were in many ways inevitable.” Matthews represented the seller in the deal along with market leader Bill Pedersen and EVP and national director of multifamily David Harrington.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.