By Jack Stubbs
OpenRoad Auto Group Limited, one of the largest car dealership companies in British Columbia, last week on June 27th acquired a BMW dealership and associated parking lot in Bellevue for $25 million, according to public documents filed with King County. Richmond, British Columbia-based OpenRoad Auto Group acquired the two-parcel property from Fort Lauderdale, Florida-based AutoNation, an auto retailer that operates across the country. The transaction was recorded on July 2nd.
AutoNation purchased the property for $8.85 million in November, 2002, according to public documents.
The sale was for two parcels. The first parcel, located at 13617 NE 20th St., contains a 47,797 square foot building constructed in 2008—sitting on 3.5 acres—that is currently home to a BMW showroom and dealership. The second parcel, located at 1709 139th Place NE, includes a 45,300 square foot associated parking lot, according to public documents.
OpenRoad Auto Group Limited has plans for the BMW dealership and currently operates another dealership across the street at Bentley Bellevue (located at 1882 136th Place NE ), which was the company’s first acquisition in the U.S. According to Dev Walia, vice president at OpenRoad Auto Group, AutoNation will lease the property back from OpenRoad for between 18 to 24 months. After the lease period, the buyer plans to refurbish the newly-acquired building and move the four car brands across the street into the new building. “Our current location is very tight for the four brands that we have, and we were looking for a more spacious property,” Walia said.
The property is approximately 3 miles northeast of downtown Bellevue and roughly 2.5 miles south of Redmond’s Overlake neighborhood. Additionally, the property is about four miles from access to the intersection of Interstate-405 and State Route 520.
Originally founded in 1978, OpenRoad Auto Group represents 18 brands of new cars for sale and over 500 used cars for sale at 22 full-service car dealerships located across Canada and the U.S., according to the company’s web site.
Founded in 1996, AutoNation is one of the nation’s largest auto retailers and was the first retailer to sell over 10 million vehicles, according to the company’s web site. The company operates at over 300 locations nationwide and has seven locations on the Eastside.