August 21, 2019
Matthews Real Estate Investment Services completed the $70-million sale of Beverly Hills BMW, a 339,000 square-foot dealership located at 5070 & 5071 Wilshire Blvd. in Los Angeles. The trophy asset broke records as the highest price ever reported for auto dealerships in L.A. Sonic Automotive currently operates the dealership
Both a net leased asset and a future development site, the nearly four-acre Mid-Wilshire property was a generational piece of real estate sold by an unnamed private family office that had owned the site for over half a century. The undisclosed buyer is also a family office in Los Angeles who partnered with an institutional capital partner.
Matthews’ Bill Pedersen, who worked in tandem with David Harrington and Kyle Matthews on behalf of the seller, notes “it took a unique buyer who was able to afford the record-setting pricing, yet had capital that was patient enough to wait for the current lease to expire given there still is a material amount of term left on the lease.”
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