Jon Angel, president of Southport-based commercial real estate brokerage firm Angel Commercial L.L.C., announced Jan. 10 the sale of an 18,311-square-foot industrial building on 1.23 acres at 386 Commerce Drive, Fairfield, for a planned Hyundai dealership.
The price was $1.65 million. The site had been a GMC truck sales and service center.
David Cartwright, dealer principal, said, “Given the low interest rate environment, it made sense to acquire a property versus leasing long term. The Hyundai brand has been well received in Fairfield and we are committed to servicing this market going forward.”
Hyundai Fairfield opened on the Post Road in 2011.
Cartwright said, “With the assistance of Angel Commercial we found a property in an ideal location, on Fairfield’s ‘auto row.’ We wanted to be in close proximity to similar businesses for customer convenience. Our aim is to build our own dealership facility with the Hyundai prototype style for sales and service and expect to break ground in the not too distant future. Our involvement with Angel Commercial began when were awarded the new Hyundai sales point in 2010. In a very efficient manner they were able to provide us with an appropriate solution to house our business and get us operational quickly.”
Over the past decade, Commerce Drive has become a destination for automobile dealerships, including Audi, Porsche, Infiniti and Mercedes. Other developments on the street include the recent completion of a six story, 127,000- square-foot self-storage building as well as a planned state-of-the-art medical center in the former Syms retail clothing store.
“The addition of another automotive dealership on Commerce Drive will strengthen the street as a destination automobile retail hub, continuing to make it attractive for additional dealerships in the future,” Angel said.
Angel Commercial L.L.C. specializes in the acquisition, disposition and leasing of office, industrial, multi-family and retail properties regionally and nationally.