GILROY — A Bay Area automotive retail executive has bought a vehicle sales property in Gilroy, adding to the car store properties he has purchased this year.
Pedram Amin, acting through an affiliate, paid $5 million to buy the Hyundai of Gilroy property at 6700 Auto Mall Parkway in Gilroy, documents filed on Dec. 6 with the Santa Clara County Recorder’s Office.
Amin owns the Hyundai of Gilroy dealership where the just-completed property purchase occurred and an Infiniti of San Jose dealership at 2198 Tully Road in San Jose. Amin doesn’t own the property where he operates the Infiniti of San Jose store.
Capitol Nissan, an auto dealership at 1120 Capitol Expressway in San Jose. (Google Maps)
In November, an Amin-headed affiliate paid $18.5 million for the Capitol Nissan property at 1120 Capitol Expressway in San Jose. Amin doesn’t operate that dealership.
Both purchases that Amin completed hint at rising values for auto dealership properties.
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The just-bought Hyundai of Gilroy dealership site had a value of $4.2 million as of January 2024, according to documents filed with the Santa Clara County Assessor’s Office.
This means the Amin-headed affiliate paid 19% more than the assessed value of the Gilroy Property.
Similarly, the Amin group’s purchase of the San Jose dealership property on Capital Expressway was 94% higher than the assessed value.
Two years ago, the Capitol Expressway Auto Mall area attracted buying interest from another automotive retail group seeking to widen its local property holdings.
In 2022, Del Grande Dealership Group (DGDG) paid $6.1 million to buy a 2.3-acre site behind some of the vehicle dealerships that line San Jose’s Capitol Expressway auto mall.
These various transactions that investors still hunger to buy certain types of commercial real estate properties despite current economic uncertainties such as inflation, a wobbly job market and the business woes that persist in the wake of the coronavirus outbreak.
