By Meghan Hall
A Vancouver auto dealer could be expanding its reach in the city of Lynnwood after snapping up a vacant parcel of land along Highway 99. According to public documents, Holman Automotive Group purchased 6.15-acres for $12.8 million in a transaction that just closed this week. The seller of the properties was Oregon-based Swickard Real Estate Investments LLC.
The property is located along a main commercial thoroughfare through Lynnwood and is within close proximity to several shopping centers. In the immediate vicinity are businesses such as Dawa Takeout, Big Bang Karaoke and Hippie Hounds Grooming and Self Wash. Just to the southeast is Lynnwood Square, anchored by major retailers and restaurants such as Applebee’s Grill and Bar, and Red Lobster. The Lynnwood Convention Center is also within close proximity of the property.
A property summary of the parcel shows that to date, no plans have been submitted to redevelop the acreage.
According to the company’s website, Holman Automotive is one of the largest privately-owned dealership groups in the United States, with 42 dealership franchises representing 20 brands. The company originally opened in New Jersey as a Ford dealership in 1924. Currently, the firm owns two dealerships in Washington State: Holman Automotive in Vancouver, Wash., and a Lexus of Seattle, also located in Lynnwood.
Like many other suburbs in the Puget Sound, Lynnwood too is experiencing growth, and the City believes it will eventually become a “crossroads of transportation” due to its proximity to multiple freeways and the introduction of the Light Rail–a potential upside for an automotive dealer. According to City officials, Lynnwood’s current full-time population is about 38,000, but can increase to as many as 90,000 during the day and depending on the season.