CARSON, CA-Developer Superior Property of Carson LLC has sold its newly developed 88,000-sf auto dealership, which is occupied on a 20-year lease, to a locally based private investor for $27 million. Michael Ross of Colliers International, which brokered the deal, reports that the property proved popular with prospective buyers because it represented a chance to acquire a triple-net leased asset "with minimal management responsibilities.
The auto dealership, which was built in 2004, is located off Wilmington Avenue and the 405 Freeway at 1505 E. 223rd St. It features a two-story showroom with open mezzanine office space and a separate service department at the rear, as well as space for more than 500 cars.
Ross and a team of Colliers International brokers including Fred Cordova and Steve Nanino of the company's Downtown Los Angeles office represented the seller, along with Robert Hoyt and Christopher Sheehan of Colliers International's Irvine and South Bay offices. Cordova notes that the location, with visibility from the 405 Freeway, is part of a concentration of more than 30 auto dealerships along a 10-mile stretch of the South Bay.
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