An exotic and classic car dealer is hoping to find the right landlord for a sale-leaseback of the company's dealership in the Dallas suburb of Carrollton, throwing in a classic car to sweeten the pot.
Earth MotorCars, a licensed Lotus dealer that also sells other luxury vehicles, is marketing its 70,000-square-foot, build-to-suit showroom and warehouse at 3216 Kellway Drive near Addison Airport for $20 million. And, for the right landlord, it will even throw in the 1967 Ford Mustang Eleanor from the movie "Gone in 60 Seconds," valued at $380,000.
"The sellers have been at the property since 2014, when it was built, and business has been growing every year," Arthur Greenstein, the listing agent with Douglas Elliman Realty, told CoStar News. "They've seen a huge increase in their business in the last few years, and they are looking to expand even more. They want to sell the building and use the funds for their business."
"A sale-leaseback will be a great vehicle for increasing and capitalizing their business," he added.
Demand for high-end luxury and exotic cars in the area is on the rise, Greenstein said, thanks to an influx of major employers, such as Caterpillar and Charles Schwab.
"Dallas is turning into the new Manhattan with all the financial services firms and Fortune 500 companies moving here," he added. "It's an attractive place for all these C-level executives."
Along with Earth MotorCars, which plans to sign a 10-year lease for the facility as part of the sale-leaseback deal, the property is also home to Gerber Collision & Glass, which recently renewed its existing lease in the building for five years.