HGreg finds a spot in West Palm Beach at former Toyota dealership

Miami /
Aug.August 28, 2019 05:30 PM
HGreg Auto and the former Toyota dealership (Credit: HGreg, Google Maps)

HGreg Auto and the former Toyota dealership (Credit: HGreg, Google Maps)

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.


Related Articles

arrow_forward_ios
Charles Cohen and 2000 S Dixie Hwy, West Palm Beach (Getty, Google Maps)

Charles Cohen’s Carefree Theater redevelopment advances

Charles Cohen’s Carefree Theater redevelopment advances
Tony Robbins and 2951 Electronics Way, West Palm Beach (Getty, Google Maps)

Tony Robbins buys West Palm Beach warehouse for production studio

Tony Robbins buys West Palm Beach warehouse for production studio
Pebb’s Ian Weiner and 5544 Okeechobee Boulevard, West Palm Beach (Pebb Enterprises)

Pebb sells West Palm Tesla dealership for $13M

Pebb sells West Palm Tesla dealership for $13M
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
The Bristol (iStock)

Insurance exec sells Bristol condo in West Palm for $8M

Insurance exec sells Bristol condo in West Palm for $8M
750 Malibu Bay Drive, West Palm Beach, Jeremy Bronfman, and Matthew Rieger of HTG

Seagram scion pays $38M for West Palm affordable housing

Seagram scion pays $38M for West Palm affordable housing
arrow_forward_ios

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

Loading...