HGreg.com parked $10.5 million into a vacant former Toyota dealership site in West Palm Beach.
Mclean, Virginia-based Capital Automotive L.P., which is controlled by Brookfield Property Partners, sold the 24,794-square-foot-building for $423 per square foot, to HGreg Auto, records show. The 9.7-acre property sits at 551 South Military Trail close to the Palm Beach International Airport.
The property includes a one-story automall building totaling 51,326 square feet of showroom and office space, and a three-story parking and services building totaling 221,406 square feet.
HGreg.com secured a $12 million loan to acquire the site.
Capital Automotive paid $14.3 million in 2003 for the property, records show. The company focuses on buying and leasing back properties to auto dealers throughout the country and was acquired by Brookfield Property Partners and its institutional partners in 2014, according to its website.
HGreg.com was founded in 1993 by Greg Hairabedian and now has over 21 locations across North America and over 500,000 cars sold, according to its website. It has sites in Doral, Pompano Beach and Delray Beach.
Car dealerships are becoming more valuable in South Florida as land becomes more scarce. HGreg.com bought a former Nissan dealership in Delray Beach for $11 million from AutoNation. In January 2018, automobile titan Terry Taylor bought an auto dealership in Royal Palm Beach for $44.7 million.