Three car dealerships dealt for $61M in West Covina

Los Angeles /
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

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

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

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

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...