LOS ANGELES, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today the $7-million sale of a half-acre land parcel in an off-market transaction for development of a MINI car dealership. The land parcel, which currently houses a gas station, will become the new home of MINI of Santa Monica, a two-story state-of-the-art car dealership dedicated to all things MINI.
Avison Young Principal Joseph Gabbaian, based in the firm’s West Los Angeles office, represented the seller, Santa Monica, CA-based SBZ Partnership, as well as the buyer, Q6 Real Estate, Inc., an affiliate of Toronto, Canada-based The Quinn Automotive Group.
The land parcel is located at 1402 Santa Monica Boulevard at the corner of 14th Street in Santa Monica.
“The buyer had been awarded a MINI dealership franchise in the area, so location was of paramount importance,” comments Gabbaian. “The buyer intends to build a 33,700-square-foot dealership facility on the site.”
Q6 Real Estate is in the process of securing permits for the dealership, which can take 12 to 18 months. Construction completion is slated for mid-2016.
“The acquisition of this parcel was very complex and time-consuming; however, Joseph Gabbaian’s dedication and commitment to the purchase and sale greatly simplified the process,” notes Steve Quinn, President of Q6 Real Estate. “He personally shepherded the project from beginning to end and acted as our feet on the street in Santa Monica, connecting us with a number of service providers for our legal, finance and planning needs.”
Quinn adds that Avison Young’s local knowledge, connections and services will continue to be utilized as Q6 Real Estate works closely with city planners to create a MINI car dealership of the future of which residents, stakeholders and planners can be proud.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 49 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.