An exotic and classic car dealership hopes to find the right owner for a sale-leaseback of the company’s dealership in the Dallas suburb of Carrollton, adding a classic car to sweeten the pot.
Earth MotorCars, an authorized Lotus dealership that also sells other luxury vehicles, markets its custom-built 70,000 square foot showroom and warehouse at 3216 Kelway Drive near Addison Airport for $20 million. And, for the right owner, there will even be the 1967 Ford Mustang Eleanor from the movie “Gone in 60 Seconds,” worth $380,000.
“Vendors have been in the property since 2014 when it was built, and business has grown every year,” Douglas Elliman Realty listing agent Arthur Greenstein told CoStar News. “They have seen their business grow significantly in recent years and they are looking to grow even more. They want to sell the building and use the funds for their business.”
“A sale-leaseback will be a great way to grow and capitalize their business,” he added.
Demand for high-end luxury and exotic cars in the region is on the rise, Greenstein said, thanks to an influx of large employerssuch as Caterpillar and Charles Schwab.
“Dallas is becoming the new Manhattan with all the financial services companies and Fortune 500 companies locating here,” he added. “It’s an attractive place for all those C-level executives.”
Along with Earth MotorCars, which plans to sign a 10-year lease for the facility as part of the sale-leaseback agreement, the property is also home to Gerber Collision & Glass, which recently renewed its existing lease in the building for five year.