LOS ANGELES—Slevin Capital Development has purchased a 10.5-acre parcel of land from Sperling Nursery for an undisclosed price. The buyer, the parent company of Slevin Automotive Group, which is known for operating car dealerships in Chicago and Southern California, plans to develop a car dealership on the site.

The land site came to market after the patriarch of the Sperling family, Joe Sperling, passed away, according to John Battle, a principal at Lee & Associates. The sales team, which included Battle and his Lee & Associates colleagues Mike Tingus and Grant Fulkerson, brought the property to market without a price because there were limited comparable sales in the area. “Because of the existing businesses along this portion of Calabasas Road and the size of the site, we knew this would be a good opportunity for an auto dealership, and our marketing included a targeted campaign to that sector,” Battle tells GlobeSt.com. “We received eight offers in total, from a variety of users, and we chose Slevin Automotive Group because theirs was an all-cash offer with a short close.” Battle, Tingus and Fulkerson represented both the buyer and the seller in the transaction.

Pending approvals, a Calabasas Nisan will move onto the site, joining Mercedes-Benz of Calabasas, Bob Smith BMW/ Mini Cooper and Acura 101 West, which will form an “auto row” in Calabasas. Because of the proximity to other dealerships, the sales team was targeting dealerships. “This is really a great location from which the buyer can service a large market from the West San Fernando Valley out to Oxnard in Ventura County,” says Battle. “The site was large enough to accommodate the needs of an auto dealer, and they expect to enjoy some synergy with the other existing dealerships along that same stretch of Calabasas Road.”

Located at 24460 Calabasas Road, this property was one of the last available sites for development. “This portion of Calabasas Road is governed by the West Calabasas Road Specific Plan that regulates the development opportunities and the uses allowed,” adds Battle. “This is one of the last sites on this portion of Calabasas Road that can be developed based on the city's Specific Plan so that made it a unique situation within the context of Calabasas.”

The market in Calabasas is tight, with high barriers to entry and few properties trading hands. The last sale to make headlines in the submarket was the sale of the Calabasas Inn, which was purchased by a joint venture planning to build a 72-unit multifamily complex.