Santa Monica, Calif. -- Honda of Santa Monica dealership just changed hands for $22.3M. The operator behind Honda is Sonic Automotive, whom is a publicly traded company on the NYSE with stock symbol SAH. Sonic, operates over 136 dealerships across the nation and has annual revenues of over $8billion.
Orbell Ovaness, VP Investments for Orbell Investment Group, a divisiion of BRC Advisors Inc., and Joubin Manoochehri, president of JNM Realty Inc., represented the Seller, CAR SON FIR LLC. The buyer, Lone Eagle Partners LLC, was alson represented by Ovaness. The deal traded for a sub 6% capitalization rate, making it the lowest cap rate since 2005 for a automotive leased investment property.