Automotive Properties Real Estate Investment Trust announced that is has entered into an agreement to purchase two automotive dealership properties from AutoCanada Inc.
The two dealership properties are the Laval-Que.-based BMW Laval automotive dealership and the Sherwood Park Volkswagen automotive dealership property located in Sherwood Park, Alberta.
“We are pleased to enter into our first acquisition agreement with AutoCanada, one of Canada’s largest automotive retailers. This transaction highlights our focus on partnering with leading automotive dealership operators that are active in consolidating the industry,” said Milton Lamb, president and CEO of the REIT. “The addition of these two best-in-class dealership properties to our portfolio will further build our presence in both the greater Montreal area, Canada’s second largest urban market, and the greater Edmonton area, providing more exposure to the rebounding Alberta economy.”
The BMW Laval dealership was built in 2000 and substantially renovated in 2011/2012 and includes a 111,187 sq. ft. full-service BMW dealership facility and a 16,428 square foot MINI dealership. The BMW Laval Property is located on approximately 8.4 acres of land located at 2440 and 2450 Boulevard Chomedey with convenient access to the Trans-Canada Highway.
The Sherwood Park VW property includes a 48,921 sq. ft., full-service Volkswagen dealership facility built in 2015. The Sherwood Park VW Property is located on approximately 4.5 acres of land located at 2365 Broadmoor Boulevard with convenient access from the Yellowhead Highway.