Capital Automotive, a Northern Virginia real estate investor, has paid $10 million for the site of a Porsche dealership located in Conshohocken, writes Paul Schwedelson for the Philadelphia Business Journal.
The 3.1-acre site at 1316 W. Ridge Pike was sold by Romill Associates, which purchased the property in 1999 for $1.7 million.
The property includes a 12,750-square-foot showroom as well as an 11,853-square-foot service shop.
Capital Automotive’s specialty is sale-leasebacks, meaning the company purchases properties that have existing car dealerships belonging to the businesses operating them. However, since Capital Automotive is a passive investor, Porsche Conshohocken will most likely be able to continue operating without any operational changes.
“Although we primarily focus on transactions involving at least $10 million in real estate, we will consider properties in the $5 million range,” states Capital Automotive on its website.
Three years ago, Capital Automotive was acquired by funds managed by investment firm Ares Management Corp for $3.8 billion. Since 1998, the company has invested approximately $5.5 billion to acquire more than 600 properties across the United States and Canada.
Read more about the sale of the Porsche dealership in Conshohocken in the Philadelphia Business Journal.
