Rialto Capital has flipped the former location of a Mercedes Benz dealership in San Francisco after less than a year.
The property at 500 8th Street changed hands in a $60.2 million deal, property records show.
Miami-based Rialto paid $40.2 million to acquire the site from car dealer Euromotors in June of last year.
The new owner is IndiGo Auto Group, a Houston-based subsidiary of trading company Pon Holdings in the Netherlands. IndiGo operates 21 dealerships in the U.S., including California locations in Marin County, Palm Springs, Rancho Mirage and Riverside.
The sale by Euromotors marked its exit from its San Francisco real estate holdings, according to a previous report from the San Francisco Business Times. Also exiting the city is the Mercedes Benz dealership that had occupied the site on 8th Street and now operates from a newly built 110,000 square foot location at 2211-2245 Gellert Boulevard in South San Francisco.
IndiGo announced last month that it was opening a new Porsche dealership at the San Francisco site. At the time, it was unclear whether it had acquired or leased the property.
Rialto, meanwhile, is also looking to sell a 32,421-square-foot research and development property at 1155 Bryant Street in the SoMa district of San Francisco, not far from the dealership it just unloaded. The firm bought the research-and-development property in a joint venture with Paceline Investors for $18.3 million in 2020.
Rialto recently made its first acquisition in New York City, partnering with Bobby Zar’s ZG Capital to buy the former Santander Bank Building in Midtown East. The joint venture reportedly paid $105 million for the 20-story property.
Rialto and Pon Holdings did not respond to a request for comment.