A Tesla dealership in the south end of Riverside has recently traded hands. According to Vizzda records, an entity tracing to MagnaFlow Exhaust purchased the 53,116 square foot dealership for $21 million, or $395 per square foot. The property was sold by an entity affiliated with Chris Hyun.
The property is located at 7920 Lindbergh Drive and consists of a single building on more than 10 acres of land. The building was constructed in 1993 and also includes approximately 375 parking spaces.
The property is located to the west of Interstate 215, near a mix of industrial, commercial and retail uses. A number of single-family homes are also closely situated to the site.
It is unclear what plans, if any, MagnaFlow Exhaust has for the site. However, records indicate that Tesla’s lease on the site does not expire until April 2033. The lease also has two five-year extension options.
MagnaFlow Exhaust is an extension of its parent company Car Sound Exhaust, which specializes in catalytic converter and performance exhaust technology, according to its website. The company has been around for more than 35 years.
Over the course of the last year, several other automotive dealerships have traded in the Inland Empire.
In one deal, a 128,969 square foot dealership in Carson was acquired by Fletcher Jones Automotive Group for $48.6 million, or about $377 per square foot. The property is located at 1333 E. 223rd St. and is home to the largest Toyota dealership in the city.
