Automotive Properties Real Estate Investment Trust announced that it has entered into agreements with a dealership group to purchase two automotive dealership properties in Quebec for a combined purchase price of $23.4 million. The two dealerships are Sherbrooke Honda, located at 2555 / 2615 King Street West in Sherbrooke and Magog Honda, located at 2390 / 2400 Sherbrooke Street in Magog.
The Sherbrooke Honda property consists of a 26,990 square-foot, full-service Honda dealership facility, renovated in 2014, that is situated on 1.7 acres of land along a commercial corridor on King Street West (Route 112). The Sherbrooke Metropolitan Area has a population of approximately 212,000, representing the fourth largest metropolitan area in Quebec.
The Magog Honda property consists of two buildings totaling 56,195 square-feet, including a full-service Honda dealership facility built in 2006 with expansions completed in 2009 and 2011, and a used car and service facility, built in 2008. Magog Honda is situated on 6.5 acres of land along a commercial corridor at the intersection of Autoroute 55 and Route 112 in close proximity to Sherbrooke.