Three car dealerships dealt for $61M in West Covina
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.