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GLENDALE, CA-The former Guy Schmidt Cadillac, Pontiac and Buick dealership in Downtown Glendale has sold to a new owner after an escrow that lasted two years while the seller obtained a release from General Motors, according to the broker who negotiated the sale. Roobik Ovanesian, president of Cranbrook Realty Corp. in Glendale, tells GlobeSt.com that the dealership, consisting of two properties at 320 and 400 S. Brand Blvd., originally was listed for $13.5 million but sold for considerably less because market conditions changed considerably from the time that Ovanesian originally listed the property in March 2007.

Ovanesian explains that new car dealers typically have long-term contracts with manufacturers to sell their autos and that the seller required a release from such a contract with GM before the land sale could close. He says that three or four prospective buyers were interested in the property before the buyer, who is now operating its as a used car dealership, went under contract to acquire the property. The buyer also operates two new car dealerships in the region.

Ovanesian describes the property as a very good location, within a block of the Americana at Brand shopping center and the first car dealership on South Brand Boulevard just below Colorado Boulevard, with easy access to freeways. Since the buildings were relatively old, having been developed in 1956, the property was attractive to prospective buyers primarily for its location and its land value, he says.

The property comprises nearly 99,000 square feet of land area, including 88,000 square feet that is contiguous. Its 27,600 square feet of buildings include showrooms, offices, a service area and general ground floor commercial, with a fenced and gated lot to park from 150 to 200 vehicles.

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