Business Real Estate Weekly by Rose Law Group
Phoenix – A company formed by Valley auto dealer Jim Babe Earnhardt has assembled a site just east of the northeast corner of 7th Street and Camelback Road in Phoenix where he plans to locate a Lexus dealership. The nearly 7-acre site is bordered on the east by Chapman BMW and on the west by Walgreen Drug Store. Maricopa County records show 777 Properties LLC in Chandler (Jim Babe Earnhardt, manager) paid just under $9.4 million to assemble an assortment of properties in 14 separate transactions. The assemblage was brokered by Michael Lieb of Michael A. Lieb Ltd. in Phoenix. No word coming from Earnhardt representatives at press time, but sources say the cash deal was put together in fairly short order. If zoning is approved, it is likely to be 2016 before any new Lexus vehicles are rolling in and out of the dealership. There are several businesses now operating at the site that will be given time to relocate. The acquisitions that comprise the assemblage ranged from a $2.5 million sale of almost 3 acres to a $271,215 deal for a office condominium. The mix of properties and uses included a former mobile home park, restaurants, retail shops and a 12-suite office condominium project that had 10 different owners. The Earnhardts, with family patriarch Tex Earnhardt leading the way, have amassed 20 automobile dealerships in the Phoenix area and one in Prescott Valley. The umbrella company for the stores is Chandler-based Earnhardt Auto Centers, but Jim Babe Earnhardt and brother Hal Earnhardt, Jr. own the various dealerships in individual entities. Continue reading
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