Three car dealerships dealt for $61M in West Covina

Properties include 475K sf in total space

Feb.February 28, 2019 01:05 PM
Left: 2010 East Garvey Avenue, Right: 1829 East Garvey Avenue, Bottom: 2016 East Garvey Avenue South (Credit: Google Maps)

Buckle up, West Covina.

Three auto dealerships along Garvey Avenue changed hands this month for a total of $61.2 million.

Ayman Sarriedine, who controls a Mercedes-Benz dealership in Escondido, purchased the properties from Roger Penske, Jr., the former president of auto dealer group Penske Automotive Group.

Two dealerships, which combine for 390,000 at 1829 E. Garvey Avenue and 2010 E. Garvey Avenue, sold for $48.7 million. Records show that Penske owned the properties since 1997. He purchased each site for $3 million.

The third dealership, with more than 84,200 square feet at 2016 E. Garvey Avenue, sold for $12.5 million.

Penske is the son of auto racing billionaire Roger Penske. His brother, Jay Penske, is chief executive of the eponymous media company that publishes Rolling Stone, Deadline and Variety. He has been in the news recently for his disputed efforts to build an 11,000-square-foot mansion on a former First Baptists Church in Venice.

There has been high demand for residential investment in the West Covina area of the San Gabriel Valley. Last October, Abacus Capital bought the Atrium Apartment complex on Workman Avenue for $34 million. In August, StarPoint Properties sold an apartment complex on Glendora Avenue for $74 million. And about one year ago, Goldrich Kest Industries acquired the 182-unit residential complex in West Covina for $44.9 million.

Related Articles

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

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects