AutoStar debuts as a Dallas company, marking a first-timeteaming by the locally based Staubach Retail, Presidio FinancialPartners LLC of San Francisco and iStar Financial Inc. of New YorkCity. Chris Maguire, president and CEO of Staubach Retail, addsAutoStar CEO to his nameplate. John Geller of Washington, DC, aformer exec with Ernst & Young International, was hired inJanuary as CFO to put together the plan that's just now hit thestreets after a seven-month drive to raise capital for a$600-million, leveraged buying pool. "The idea is we're going tobuild this portfolio and if it makes sense, we will do an IPO,"Geller tells GlobeSt.com.

AutoStar seeded the portfolio with $167 million of assets in the21-property shopping spree that bagged lines like Lexus, Honda andMercedes-Benz. Geller says the long-term plan includes lendingwhile the near term is solely focused on disciplined sale/leasebackbuying of "good real estate with high-quality operations in qualitylocations." Several other dealerships are under negotiation, saysGeller, who's partnering with iStar as the portfolio's assetmanager.

AutoStar will focus on existing dealerships, not emptybuildings. Geller says some transactions might include capitalimprovements or adding a franchise to the site. In most cases, theacquired real estate is part of a dealership concentration, fromthe newer branding as auto malls to the older version of autorows.