Auto-row property sells for $8.4 million
November 21, 2012 · 11:25 AM
Berger Commercial Realty broker and Senior Vice President Steve Hyatt recently represented BD & D Investment Company, LLC in the sale of a 4.42-acre property, including a 34,000-square-foot automobile dealership in Bellevue for $8,425,000 to Dog Walk, LLC.
The property is currently occupied by Ford Lincoln of Bellevue and is leased to AutoNation on a long-term basis.
"A local Seattle investor bought the property and plans to eventually develop it as the downtown central business district expands," Hyatt said. "The long-term development potential of this property is exceptional due to its size, freeway exposure and its location in the Bellevue central business district, near the corporate headquarters of Microsoft, Google, T Mobile and Expedia."
Hyatt worked on the transaction for more than three years with several different groups interested in buying the property, including a group that proposed the development of a new Bellevue arena, to house both NBA and NHL teams, on the site. He closed the deal in partnership with Seattle brokerage firm AGM Inc.
Hyatt served as Vice President of Corporate Development at AutoNation from 1996 through 2008. BD & D Investment Company, LLC, a large dealership group, has hired him to handle the disposition of several automotive properties across the country. Hyatt specializes in automotive real estate.