The recent purchase of a Burbank CarMax center was the third and final chapter in a series of recent acquisitions worth nearly $50 million by a group of L.A.-based investors.
Kids from the Valley XX paid $19.2 million in cash for the nearly 65,000-square-foot used-car showroom, sales and service center that sits on 4.6 acres at 1000 South Flower St., according to Keller Williams Calabasas Real Estate. Richmond, Va.’s CarMax Business Services is the sole tenant and has 10 years remaining on the 20-year lease.
Bill Bauman of brokerage Savills Studley Inc. in Los Angeles represented CarMax Auto Superstores, which was the seller, according to CoStar Group Inc. Ron Feder, managing director of Keller Williams, negotiated the deal on behalf of the L.A. investors.
“It took several months to get through environmental history and obtain environmental insurance that provided a high level of comfort for the buyer and seller,” Feder said.
Recently, the investor group bought a 74,000-square-foot, four-building office campus at 2637 to 2649 Townsgate Road in Westlake Village for $18.3 million and a 120,000-square-foot studio and office at 101 W. Cochran Street in Simi Valley for $11.5 million.