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

Brookfield Property Partners affiliate sold the nearly 10-acre property

TRD 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
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
Steven Hudson and the Bristol

Ka-ching: Financial services honcho pays $7M for condo at The Bristol

Ka-ching: Financial services honcho pays $7M for condo at The Bristol
Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane

Bar Invest pays $56M for West Palm apartments

Bar Invest pays $56M for West Palm apartments
Angela Koch, Gary Lachman and 4417 South Flagler Drive (Douglas Elliman, Greenspoon Marder)

Ex-wife of billionaire Bill Koch sells West Palm home

Ex-wife of billionaire Bill Koch sells West Palm home
Charles Cohen and a rendering of the project (Getty, Pelli Clarke Pelli Architects)

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm
4700 North Congress Avenue and Velocis Managing Partner Fred Hamm (Google Maps)

Private equity firm sells West Palm medical offices at discount

Private equity firm sells West Palm medical offices at discount
arrow_forward_ios

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

Loading...