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Capital Automotive REIT

capitalautomotive.com

Founded Year

1997

Stage

Acquired | Acquired

Total Raised

$25M

Valuation

$0000 

About Capital Automotive REIT

Capital Automotive REIT is a Financial/Real Estate/REITs company based in McLean, Virginia. On February 17th, 2022, Capital Automotive REIT was acquired by Ares Management.

Headquarters Location

8270 Greensboro Drive Suite 950

McLean, Virginia, 22102,

United States

703-288-3075

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Latest Capital Automotive REIT News

Coney Island industrial site gets picked up by car company

Aug 3, 2022

A Jaguar/Land Rover dealership is under construction at 809 Neptune Ave. in Coney Island. New York can seem like a tough place to drive these days, considering congestion pricing, curbside dining sheds and demolished garages. But some car dealerships seem to be betting New Yorkers want more cars , not fewer of them, and would like to sell them luxury vehicles to boot. A Virginia-based company that snaps up lots from existing dealers, and then leases the sites back to them, has just picked up a massive parcel in Coney Island for $54 million, according to a deed, making it one of Brooklyn’s biggest transactions of the year so far. The sale comes as the nearly 2-acre site, at Neptune Avenue and Shell Road, puts the finishing touches on construction, with a Jaguar and Land Rover dealership expected to open in a few weeks. Citibank kicked in $21 million for the purchase, according to records. Related Article “Dealers frequently use the capital received from transactions for acquisitions, operations expansion and to fund new lines of business,” says the website of the buyer, Capital Automotive Real Estate Services, in explaining its business strategy. “Dealers also achieve the flexibility to pursue other personal goals, such as estate planning, liquidity or diversification,” it says. The seller is a Florida-based limited liability company whose manager is attorney Manny Kadre, who now presumably is renting his former property from Capital Automotive for undisclosed terms. Meanwhile, the operator of the 60,000-square-foot dealership is Kollective Automotive Group, which runs similar luxury-car businesses in Queens and Long Island communities including Glen Cove, Huntington and Southampton. Mercedes, Audi and Lexus are typical Kollective brands. Phone messages left with Kadre and Kollective were not returned. An email sent to Jay Ferriero, Capital’s president, went unanswered. The site, which hugs Coney Island Creek and is several blocks from the amusement-lined boardwalk area, was home to the Brooklyn Union Gas Co. for decades. Low-slung brick buildings and parking lots checkered the property, whose evolution from generating energy to selling sedans was complicated. In 2013 Storage Deluxe, a Manhattan-based self-storage company, bought the property for $15 million. At the time, it was even larger, stretching farther up Shell Road. Afterward, officials appear to have carved up the site into two tax lots. In 2016 Storage Deluxe sold one to CubeSmart, the purple-and-pink self-storage firm, for $48.5 million, records show. That 139,000-square-foot structure contains 2,270 units, according to Storage Deluxe. The other, the car dealership, sold in 2015 for $14.5 million to Kadre’s group. Construction of his car dealership has been underway for a couple of years. Roughly 2 million New Yorkers own cars , according to state figures, about a 2% increase from before the pandemic as people rushed to buy cars to have an escape from the city. Though the high-profile corner may now have a more upscale look, challenges remain. The creek, a 1.8-mile inlet separating Coney Island from Gravesend, is polluted with lead, mercury and pesticides from its old industrial days, scientists say. And some local officials have pushed for years to have it designated a federal Superfund site, which would help qualify it for clean-up funds.

Capital Automotive REIT Frequently Asked Questions (FAQ)

  • When was Capital Automotive REIT founded?

    Capital Automotive REIT was founded in 1997.

  • Where is Capital Automotive REIT's headquarters?

    Capital Automotive REIT's headquarters is located at 8270 Greensboro Drive, McLean.

  • What is Capital Automotive REIT's latest funding round?

    Capital Automotive REIT's latest funding round is Acquired.

  • How much did Capital Automotive REIT raise?

    Capital Automotive REIT raised a total of $25M.

  • Who are the investors of Capital Automotive REIT?

    Investors of Capital Automotive REIT include Ares Management and Friedman Billings Ramsey.

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