LOS GATOS — Two Los Gatos sites where luxury and upscale auto dealerships now operate have been bought by a busy real estate firm with a penchant for redeveloping properties in prime locations.
Sand Hill Property, acting through an affiliate, paid a combined $25.4 million for the two properties, which are near the corner of Los Gatos Boulevard and Blossom Hill Road in Los Gatos, documents filed on May 19 with the Santa Clara County Recorder’s Office show.
The two Los Gatos sites are currently occupied by Los Gatos Acura and Los Gatos Luxury Cars. Los Gatos Luxury’s brands include Rolls-Royce, Aston Martin, Bentley and Lamborghini vehicles.
Sand Hill Property paid $13.2 million for the Luxury Cars dealership site at 620 Blossom Hill Road and $11.3 million for the Acura dealership parcel at 16151 Los Gatos Blvd, according to the property records.
The purchase was arranged through brokers David Taxin and Jeremy Awdisho of Meacham Oppenheimer, a commercial real estate firm.
The Acura dealership is leased to a company controlled by Penske Automotive Group, a firm founded by Roger Penske, a renowned entrepreneur and auto racing executive. Penske is also a retired race car driver.
The Luxury Cars dealership is leased to Price Simms Family Dealership, a family-owned automotive sales company.
Sand Hill Property is headed up by Peter Pau, a veteran real estate executive who has developed or is attempting to develop, a number of high-profile properties in the Bay Area.
The prospect of being able to buy a site in a prime location in Los Gatos enticed a number of potential buyers, according to Taxin, a partner with Meacham Oppenheimer.
“We had eight offers within 10 days,” Taxin said.