BMW-leased properties with development possibilities come on sale on Wilshire Blvd

Sellers are seeking $60M for the properties, according to one broker

TRD LOS ANGELES /
Feb.February 15, 2019 04:00 PM
Kyle Matthews and the properties on Wilshire Boulevard currently leased by BMW (Credit: Matthews Real Estate investment Services)

UPDATED on Feb. 19, at 12:28 p.m.:  Two properties and surrounding surface lots along the Wilshire Boulevard corridor with development possibilities have hit the market.

The buildings at 5070 and 5151 Wilshire Boulevard span 339,000 square feet and are fully leased by Sonic Automotive for a BMW car dealership and a service center. The owner is Ehlers Investment Company, according to property records.

A commercial broker familiar with the listing said the sellers are seeking $60 million for the properties.

The dealership includes 93,000 square feet, and the used auto and repair facility includes 246,000 square feet.

Kyle Matthews, the CEO of Matthews Real Estate Investment Services, which has the listing, declined to give a listing price. In 2010, the tenant paid $35.5 million on construction and redevelopment of the two properties.

The current rent across the two buildings is $3.53 per square foot per year. The listing includes additional surface lots surrounding the buildings along Sycamore Avenue, Orange Drive and Mansfield Avenue.

The buildings are a few blocks east of La Brea Avenue, where construction crews are building Metro’s Purple Line Extension subway stop, making the location in a level-3 Transit-Oriented Community. The city of Los Angeles launched the TOC program to provide density bonuses and other incentives for developments with affordable housing near transit stops.

CIM Group is currently redeveloping the former Farmers Insurance headquarters nearby at 4750 Wilshire Boulevard. That property includes 144,300 square feet of rentable space.

Natalie Hoberman contributed reporting.


Related Articles

arrow_forward_ios
Ben Miller, Fundrise CEO, wants to change this car clinic into an apartment building (Credit: Google Maps)

Fundrise proposes South LA apartments in the land of OZ

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

arrow_forward_ios
Loading...