A KIA auto dealership in downtown Los Angeles has recently been placed up for sale. According to a listing for the property from CBRE, the property is being offered at $20.5 million, or about $1,379 per square foot.
The dealership is located at 1945 S. Figueroa St. and totals 14,862 square feet. According to the marketing information from CBRE, Trophy Automotive Dealer Group, which operates the KIA location, has a lease on the property that is set to run through 2042.
Trophy Automotive Dealer Group was established in 2013, and currently owns five dealerships throughout Southern California. With its remaining lease term on its downtown Kia site, there are built in five-year rental increases ranging from 10 to 15 percent.
In addition, an onsite billboard at the property is on a month-to-month lease for $1,500 per year. Along Figueroa Street, the average daily traffic count is more than 42,000 vehicles per day.
Located in downtown Los Angeles near the junction of Interstates 110 and 10 and just south Crypto.com Arena. The area is also home to a large population with more than 1.34 people in a five-mile radius of the property with an average household income of more than $70,435 per year.
Trophy Automotive Dealer Group has been involved in the sales of various properties, recently acquiring another KIA dealership in Carson, according to The Registry’s previous reporting. In a deal that closed in the first quarter of 2022, the company sold a 72,000 square foot KIA dealership in a sale-leaseback transaction. The property, which is located at 22020 Recreation Road was purchased by Modiv for $69.2 million, or $962 per square foot.