posted on May 06, 2010 23:42
A car lot at a high-profile Dallas intersection has changed hands.
The 6.7-acre site at 4801 Lemmon Ave., the longtime home of Park Cities Chrysler-Jeep-Dodge has been purchased by Clark Richardson, chairman and CEO of Goodson Acura, said Lindsay Allen of Apartment Realty Advisors' land division. Richardson plans an Acura dealership for the site, Allen said.
Allen and ARA represented Leo Griggs, the former owner of the dealership and land at Lemmon Avenue and the Dallas North Tollway. ARA worked with Beaird Commercial Realty and City Realty Group on the sale.
The deal closed Thursday; financial terms were not disclosed.
Park Cities Chrysler-Jeep-Dodge closed late last year. The site attracted strong interest from potential buyers, which included Best Buy, grocery stores and speculative land players, Allen said.
"After several months of marketing the tract, we realized that the highest and best use of the property was to keep it a high-end car dealership," Allen said. "If they are strategically located and you find the right buyer, there is a market and an appetite for car dealerships sites.
A 31,800-square-foot showroom and a 14,000-square-foot body shop/service center are on the property.
Allen said the site is "exceptionally located."
This is the second recent sale of a high-profile car dealership site for Allen, who sees interest in those type of sites heating up after a large number hit the market during the economic downturn.
"Obviously, it's location, location, location," Allen said. "The key is identifying who would want and need that property more than anybody else."
April 30th, 2010 | Bill Hethcock | Dallas Business Journal