Capital Automotive REIT has signed a letter of intent to acquire 14 automotive properties valued at approximately $US80 million from Sonic Automotive.
The properties are located in seven states (Colorado, Florida, Michigan, Nevada, North Carolina, Tennessee, and Texas) and include 13 vehicle franchises including Cadillac, Honda, Oldsmobile, and Volvo.
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The acquisition, which is expected to close during the second quarter of 2002, is subject to the negotiation and execution of a purchase agreement, and the completion of due diligence and customary closing conditions.
Capital Automotive, headquartered in McLean, Virginia, is a real estate investment trust that acquires property and improvements used by operators of multi-site, multi-franchised automotive dealerships and related businesses.
