Berger Commercial Realty announced broker and Senior Vice President Steve Hyatt recently represented BD & D Investment Company, LLC in the sale of a 4.42-acre property, including a 34,000-square-foot automobile dealership, in Bellevue, Wash., for $8,425,000 to Dog Walk, LLC.
The property is currently occupied by Ford Lincoln of Bellevue and is leased to AutoNation on a long-term basis.
“A local Seattle investor bought the property and plans to eventually develop it as the downtown central business district expands,” Hyatt said. “The long-term development potential of this property is exceptional due to its size, freeway exposure and its location in the Bellevue central business district, near the corporate headquarters of Microsoft, Google, T Mobile and Expedia.”
Hyatt worked on the transaction for more than three years with several different groups interested in buying the property, including a group that proposed the development of a new Bellevue arena, to house both NBA and NHL teams, on the site. He closed the deal in partnership with Seattle brokerage firm AGM Inc.
Hyatt served as Vice President of Corporate Development at AutoNation from 1996 through 2008. BD & D Investment Company, LLC, a large dealership group, has hired him to handle the disposition of several automotive properties across the country, including the $6 million sale of a 7.2-acre automotive dealership site in the Denver, Colo. area to CarMax Auto Superstores in 2011.
Because of his background at AutoNation, where he was responsible for the acquisition and disposition of more than 175 automobile dealerships in 17 states, Hyatt specializes in automotive real estate. He currently represents several of the largest dealership groups in South Florida, with brands including Audi, BMW, Chevrolet, Toyota and Chrysler/Jeep/Dodge. He is active in investment sales and continues to work with and meet the real estate needs of numerous automotive retailers and original equipment manufacturers (OEMs) across the country.