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May 28, 2020
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OC Net-Leased Fiat/Chrysler Dealership Property Sells for Over $9 Mil


A 26.2k sf, net-leased Fiat Chrysler car dealership in San Juan Capistrano sold for $9.1 mil, or $348/sf. The property, located at 32881 Camino Capistrano, was purchased by a private local buyer in a 1031 exchange. The deal came in at a 5.09% cap rate.

The Spanish-style property is situated on a 1.96-acre lot, featuring a large interior showroom with adjoining offices that were completely renovated in 2010. The facility carries automobile brands such as Dodge, Jeep, Ram and Chrysler.

CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, TerraCotta Group LLC, a private investment firm based in El Segundo. Since 2015, the team has had 123 transactions sold or in escrow, valued in excess of $1.7 bil. CBRE’s Emil Gurfinkel, Tim Kuruzar and Ken McLeod repped the buyer.

“We received 10 offers and had more than 620 offering memorandums downloaded,” said Stache. “Income-producing properties with quality tenants in coastal markets with a stable cash flow are in extremely high demand, particularly among private buyers.”

“This is a complete hands-off, low-risk investment with little to no deferred maintenance through the remainder of the lease,’ said DeLorenzo, whose team specializes in the sale of office, medical and industrial properties across Southern California. “On top of that, it sits in a high-barriers-to-entry location with no available land to develop new dealerships.”

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