Automotive Properties Real Estate Investment Trust announced the completion of its previously announced acquisition of an automotive and service property located at 3280 Corporate View in Vista, San Diego County, California (the Vista Property) from a third party for a purchase price of USD 16.0 million. The Vista Property is tenanted by Rivian LLC under a mid-term, net lease that includes contractual fixed annual rent increases with renewal options. The Vista Property consists of an approximately 59,828 square-foot Rivian sales, delivery and service facility that is situated on approximately 3.75 acres of land.
The REIT also announced it has completed the acquisition of the two automotive dealership properties, including Audi South Coast and South Coast Volkswagen, located at 1425 and 1450 Auto Mall Drive in Santa Ana, Orange County, California (the Orange County Properties) from a third party, for a purchase price of USD 30.15 million. The Orange County Properties' automotive dealerships are tenanted by affiliates of Penske Automotive Group Inc. under mid-term, triple-net leases, with renewal options based on the California Consumer Price Index, subject to a cap. The Orange County Properties consist of an approximately 31,900 square-foot, full-service Audi dealership and an approximately 29,300 square-foot, full-service Volkswagen dealership situated on parcels of land totaling 5.95 acres within the Santa Ana Auto Mall, one of Orange County's premier automotive dealership corridors with immediate access to Interstate 5 and State Route 55.
The REIT funded the purchase prices of the Vista Property and the Orange County Properties by drawing on its revolving credit facilities.
