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Monday, Jun 24, 2024
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7 Kearny Mesa Properties Part of $4.28 Billion Auto Dealer Building Deal

Seven Kearny Mesa properties are among 324 auto dealership buildings nationwide recently acquired by New York-based Brookfield Property Partners LP in a $4.28 billion portfolio deal, according to CoStar Group and the buyer.

The seller of the portfolio, known collectively as Capital Automotive, was DRA Advisors LLC of New York. The local properties are at 4750, 4812-4820, 4910, 4970, 5010, 5050 and 5090 Kearny Mesa Road.

The local buildings, fully leased to several auto dealer brands, total approximately 215,000 square feet. They are part of a multi-state dealership building portfolio spanning more than 15.6 million square feet.

The largest of the local buildings is the 100,000-square-foot property at 4750 Kearny Mesa Road, housing Mercedes-Benz of San Diego.

In a statement, Brookfield Property officials said the deal marked “a new type of property investment” for the company.

“These dealerships have imbedded stability of cash flow from their auto parts and service businesses that are far less volatile than new car sales,” officials said.

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