Boston— CBRE announced it has completed a sale leaseback of two auto dealerships in Auburn and Greenfield, MA on behalf of Lundgren Honda, a family owned and operated Honda dealership for over 50 years in the Massachusetts area.
Lundgren Honda and Lundgren Equity Partners, an affiliated real estate company, sold 163 Washington Street in Auburn and 409 Federal Street in Greenfield to Exton, PA-based Legacy Automotive Capital for $26.2 million. Legacy Automotive Capital is solely focused on acquiring the real estate of new car franchise dealerships throughout the United States.CBRE Senior Vice President Karly Iacono represented Lundgren Equity Partners and Lundgren Honda in the negotiations, and also procured the buyer. “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 lease market, offers were sourced from REITs, institutions, funds, and private clients.” Built in 2012, 163 Washington Street is a 55,870 sq. ft. facility housing Honda of Auburn. The property is strategically positioned near two major highways – the Massachusetts Turnpike and the Worcester-Providence Turnpike. National retailers nearby include Price Chopper, Burlington, Wendy’s, McDonald’s and more. The area is densely populated with more than 176,000 people residing within five miles of the location. The property at 409 Federal Street in Greenfield, constructed in 2005, totals 12,807 sq. ft. and is a Honda of Greenfield location. National retailers in the area include O’Reilly Auto Parts, AutoZone and Dunkin’, among others. Greenfield is the county seat of Franklin County, Massachusetts and is also home to Greenfield Community College, and the Pioneer Valley Symphony Orchestra.