Automotive Properties Real Estate Investment Trust (REIT) has acquired the Brimell Toyota dealership property in Scarborough, Ontario for about $26 million. Concurrent with the deal, Drive Autogroup acquired the Brimell Toyota dealership operating business, and has now inked a 15-year lease with the REIT.
The property includes a full-service Toyota dealership, a collision centre and car wash. Total leasable space is 55,600 square feet. It’s located on about four acres on Sheppard Avenue East, near Markham Road — a busy commercial corridor with other dealerships nearby.
“We look forward to adding one of the premier Toyota dealership properties in Toronto to our portfolio and welcoming Drive Autogroup as a new tenant,” said Milton Lamb, President and CEO of Automotive Properties REIT.
Drive Auto Group owns and operates nine (now ten) dealerships in the Greater Toronto area, including brands such as: Honda, Acura, Nissan, Hyundai, Infiniti and Genesis. The dealerships are located east of the 404 highway, reaching from Markham to Whitby.
