Land leased by automobile dealership Simi Valley Buick GMC has sold for about $5 million in an all-cash deal to an Orange County investor, according to commercial real estate brokerage Investment Real Estate Associates in Encino.
Leo and Melinda Bunnin, long-time dealership owners in Ventura County, sold the roughly 2-acre site at 2100 First St. for $5.05 million to a private investor, 1981 Brookfair of Anaheim, according to Clark Everitt, senior vice president of IREA, who negotiated the deal on behalf of the sellers. IREA Senior Vice President William Everitt and Rami Meheraban, an associate, also helped on the transaction.
The dealership is part of the Simi Valley Auto Center, which sits near the First Street exit off the 118 Freeway. Leo Bunnin once owned and operated the Buick GMC dealership and several others in the county.
The Bunnins owned the property and the 16,500-square-foot building for about 10 years, Everitt said. General Motors Co. holds the 25-year lease on which the tenant pays all property-related expenses, and it runs till March 2031. The buyer was motivated by the cash flow from the lease, he added.
“It’s a GM-backed lease with pretty significant terms and sits on 2 acres right off of First Street, which is a big deal as well,” Everitt said. “GM leases don’t trade very often.”