Legacy Automotive Acquires $26M Sale-Leaseback Dealerships in Auburn, Greenfield
CBRE has completed the $26.2-million sale-leaseback of auto dealerships in Auburn and Greenfield, MA on behalf of seller Lundgren Honda and Lundgren Equity Partners.
Legacy Automotive Capital acquired the properties at 163 Washington Street in Auburn and 409 Federal Street in Greenfield.
Karly Iacono of CBRE represented the seller and procured the buyer, which exclusively acquires the real estate of new-car franchise dealerships.
“We conducted a competitive bid process and were able to maximize the proceeds for the seller while creating a stable passive income stream for the buyer,” said Iacono. “Indicative of the strength and expansion of the net -ease market, offers were sourced 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 at 409 Federal Street in Greenfield, constructed in 2005, totals 12,807 square feet and is a Honda of Greenfield location.
- ◦Sale/Acquisition