BEVERLY HILLS (LA Business Journal) — A BMW dealership in Beverly Hills The Beverly Hills BMW property has sold for $70 million in a deal announced Aug. 19 by Matthews Real Estate Investment Services.
The roughly 339,000-square-foot dealership at 5070 and 5071 Wilshire Blvd. contains a 93,000-square-foot showroom and a 246,000-square-foot auto repair facility.
Sonic Automotive operates the dealership.
Matthews Real Estate Investment Services’ Bill Pedersen, David Harrington and Kyle Matthews represented the seller, a private family office, in the transaction. The buyer was also a private family office.
Pedersen said the four-acre site was a huge investment opportunity that received more than two dozen offers.“It took a unique buyer who was able to afford the record-setting pricing yet had capital that was patient enough to wait for the current lease to expire given there still is a material amount of term left on the lease,” he said in a statement.Part of Metro’s Purple Line […]
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