Swickard Auto Group has bought a nearly 23-acre Toyota dealership in the Inland Empire for $40 million.
The Oregon-based auto group bought John Elway’s Crown Toyota at 1201 Kettering Drive in Ontario, the Commercial Observer reported, citing Vizzda. The seller was EP Properties, based in Downtown Los Angeles.
The Inland Empire acquisition by the Portland area-based auto group follows the December purchase of five car dealerships in Southern California in December for an undisclosed sum, including seven franchises in Thousand Oaks, according to Auto Remarketing. The seller was Anderson Autos. Brands in the deal were Acura, Honda, Jaguar, Land Rover, Lexus, Mercedes-Benz and Commercial Van. dealerships
The latest purchase in Ontario adds to three more dealerships it planned to buy from Anderson in the region early this year. Swickard Auto also has dealerships in Northern California, Texas, Oregon, Washington and Alaska, according to its website.
Swickard secured a $42.4 million loan from Toyota Financial Services for the Crown Toyota acquisition, according to the Observer.
The Toyota dealership, built in 1989, includes three buildings with 171,900 square feet on 22.8 acres at the northeast corner of Interstate 15 and Jurupa Street. The property last sold for $18 million in 2019, records show.
Retail vacancies in the Inland Empire continue to drop, from 7.7 percent one year ago to 6.5 percent in the final period of 2022, according to a fourth quarter report by Cushman & Wakefield.
The average asking retail rent in the retail market of 113.5 million square feet was $25.67 per square foot.
— Dana Bartholomew
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