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 will run under Wilshire Boulevard. The city is working on land use and zoning changes for areas surrounding the stations, which will allow for more development at the site, according to Harrington.
“This asset has significant redevelopment potential,” Harrington said in a statement
Developments at the site will be able to take advantage of the Transit Oriented Communities program, which offers developers incentives like density bonuses for projects built near public transportation that include affordable units.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
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