Three car dealerships dealt for $61M in West Covina

Properties include 475K sf in total space

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

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

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

9300 Wilshire Boulevard

Land under historic Beverly Hills office building sells for $25M

arrow_forward_ios