Spotlight: Capital Auto REIT Buys 2 Marina Dealerships
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Making its first entry into Southern California, McLean, Va.-based Capital Automotive REIT has purchased two Los Angeles-area auto dealerships, Airport Marina Ford and Airport Marina Saturn, for $10.6 million. The real estate investment trust, which went public this year, buys properties from car dealers and leases them back. The Marina properties were sold by Russell E. Hand, who maintains an interest in the Ford and Saturn dealerships. He has agreed to lease both properties for 15 years.
For the record:
12:00 a.m. Aug. 1, 1998 For the Record
Los Angeles Times Saturday August 1, 1998 Home Edition Business Part D Page 2 Financial Desk 2 inches; 44 words Type of Material: Correction
Airport Marina Ford and Airport Marina Saturn--Capital Automotive REIT purchased only the real estate on which Airport Marina Ford and Airport Marina Saturn are located, then leased the properties to the auto dealers. The dealerships themselves were not sold. A brief Friday incorrectly described the deal.
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