Broker’s knowledge of auto retail market key factor in 7.2-acre transaction
FORT LAUDERDALE, Fla.– Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Steve Hyatt recently represented BDH&R Investment Company in the $6 million sale of a 7.2-acre automotive dealership site in the Denver, Colo. area to CarMax Auto Superstores.
The property, located 2600 W. 104th Ave. in Federal Heights, Colo., formerly housed a Saturn dealership before the franchise was phased out by General Motors in October 2010.
The owner of the Saturn dealership contacted Hyatt for assistance in finding a buyer for the property because of Hyatt’s previous experience at AutoNation, Inc. (NYSE: AN), an $18 billion, Fortune 100 automotive retailer based in Fort Lauderdale where Hyatt served as Vice President of Corporate Development for 12 years.
With knowledge of the area and the automotive industry, Hyatt contacted surrounding new vehicle dealerships to check if any had an interest in expanding, including CarMax.
“I knew CarMax had successfully expanded into former dealerships in the past,” said Hyatt. “They were familiar with the site and its desirability in a key automotive market. It was a perfect fit for them.”
A deal for the purchase of the property, subject to final site plan approval, was put together within three weeks of Hyatt’s initial contact with CarMax.
While at AutoNation, Hyatt was responsible for the acquisition and disposition of more than 175 automobile dealerships in 17 states. At Berger Commercial Realty Corp., he serves as Senior Vice President and Director of Business Development. He is active in investment sales and continues to work with and meet the real estate needs of numerous automotive retailers and original equipment manufacturers (OEMs) across the country.