Driving off.A newly developed Carson auto dealership has traded hands for $27 million. Superior Property of Carson LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control sold the 88,000-square-foot dealership to an undisclosed private investor, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Michael Roth Michael Roth (born February 15, 1962) is a former West German handball player who competed in the 1984 Summer Olympics. He was a member of the West German handball team which won the silver medal. He played two matches and scored two goals. , a managing director of Colliers International, which represented the seller. Mike Kahn, the dealership's owner, leased back the property for 20 years with two 5-year options. Further terms of the lease weren't disclosed, but the property's marketing materials proposed $150,000 a month in rent. That translates into a lease with a total consideration of $36 million. Kahn owns a number of dealerships throughout Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , and Roth said Kahn intends to use the proceeds from the sale to buy more dealerships. "This was a great way for Mike Kahn to get cash from his real estate and use that money to expand his dealership business," Roth said. Roth was assisted by Fred Cordova Cordova, Spain: see Córdoba. and Steve Nanino of Colliers' downtown L.A. office and Robert Hoyt and Christopher Sheehan of Colliers' Irvine and South Bay office. The Nissan dealership, located off Wilmington Avenue and the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. (405) Freeway at 1505 E. 223rd St., has space for more than 500 cars. The property and its signage are visible from the freeway, Cordova said. The dealership was a "major contributor" to Nissan Motor Co. Ltd.'s record 2005 sales, Nanino said. (Nissan announced in November the company will move its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. headquarters to Tennessee from Gardena.) The 2-year-old dealership has an expansive two-story showroom with an open mezzanine of office space and a separate service department in the back of the building. "The dealership has ... a prime South Bay location with more than 30 auto dealerships located within 10 miles," Cordova said. Roth said dealership owners are more commonly deciding to enter into a sale-lease back transaction to raise cash. Even Kahn may try another sale-leaseback deal. "There will be other dealerships for sale," Roth said. "We may potentially put another dealership out for this ownership now, and I think other dealerships could follow." Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjournal. com. |
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