Boston – CBRE announced that it has completed a sale and leaseback of two automobile dealerships in Auburn and Greenfield, MA on behalf of Lundgren Honda, a family-owned and operated Honda dealership for more than 50 years in the Massachusetts area.
Lundgren Honda and Lundgren Equity Partners, an affiliated real estate company, sold 163 Washington Street in Auburn and 409 Federal Street in Greenfield to Exton, Pa.-based Legacy Automotive Capital for $26.2 million. Legacy Automotive Capital is solely focused on acquiring real estate from new car franchise dealerships across the United States.
CBRE Senior Vice President Karly Iacono represented Lundgren Equity Partners and Lundgren Honda in the negotiations, and also recruited the buyer.
“We conducted a competitive bidding process and were able to maximize proceeds for the seller while creating a stable passive revenue stream for the buyer,” Iacono said. “Indicative of the strength and expansion of the net rental market, offers came from REITs, institutions, funds and private clients.”
Built in 2012, 163 Washington Street is a 55,870 square foot facility housing Honda of Auburn. The property is strategically positioned near two major highways – the Massachusetts Turnpike and the Worcester-Providence Turnpike. National retailers nearby include Price Chopper, Burlington, Wendy’s, McDonald’s and more. The area is densely populated with over 176,000 people residing within five miles of the location.
The property at 409 Federal Street in Greenfield, built in 2005, totals 12,807 square feet and is a Greenfield Honda location. National retailers in the area include O’Reilly Auto Parts, AutoZone, and Dunkin’, among others. Greenfield is the county seat of Franklin County, Massachusetts and is also home to Greenfield Community College and the Pioneer Valley Symphony Orchestra.