Automotive Capital Real Estate Services left around sunset with a $54 million deal to buy a building leased from a luxury car dealership in Coney Island, Brooklyn.
The real estate investment company bought the building under construction at 809 Neptune Avenuewho will become a Jaguar and land rover dealer, of Auto MBB Group on June 30, PincusCo first reported. Capital Automotive incurred $21 million in debt from Citibank to fund the purchase, according to property records released Tuesday.
Capital Automotive, which owns more than 250 assets across the country, specializes in picking up car dealerships and then leasing them out to operators such as MBB, which operates dozens of dealerships across the country.
Florida-based MBB purchased what was then a self-storage property at 809 Neptune for $14.5 million in 2015 of Luxury storage and demolished the building to replace it with a 63,000 square foot office, showroom and service center Last year, weekly real estate reported. A Jaguar Land Rover Brooklyn The dealership is expected to open in the two-story property this fall, according to MBB website.
Capital Automotive declined to comment on the deal. MBB and Citibank did not immediately respond to requests for comment. It was not immediately clear who negotiated the sale or the financing.
Celia Young can be contacted at [email protected].