Another retail sale has been recorded in the Inland Empire. According to public records, an entity tracing to Irvine-based Blue Sky Management acquired an auto dealership in Murrieta for $10.2 million, or about $417 per square foot. The seller in the transaction was an entity linked to Hamid Ghadiri. The property was acquired with $6.12 million in new debt with American Business Bank.
Located at 26825 Auto Mall Parkway, the property is home to the 24,447 square foot dealership on nearly 3.5 acres. The property was previously home to Mitsubishi and a leasing brochure for the property from Ashwill Associates shows that it could serve various uses due to the property’s large rear lot.
The property is primarily surrounded by a mix of industrial and auto-related properties, including dealerships like Volkswagen of Murrieta, Audi Temecula and others. The property is also situated just off of Interstate 15.
The new owner of the property, BlueSky Management Corp. acquires, develops and manages retail and industrial properties primarily throughout the Southern California markets of Orange County, Inland Empire and San Diego, according to its website.
Other auto dealership sales have transacted in the Inland Empire over the last several quarters.
Swickard Auto Group, for instance, recently sold Crown Toyota in Ontario, a 171,903 square foot auto dealership located at 1201 Kettering Drive. The property was sold by EP Properties LLC for $40 million, or approximately $232 per square foot.
Prior to that in January, a 31,253 square foot Volkswagen auto dealership was sold for $10.6 million, or about $339 per square foot. The property is located at 1600 Camino Real and was acquired by an entity linked to Martin Management Group.
