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10/17/2012

New York investment firm buys Nissan of Fort Worth property, leases back to owner

FORT WORTH — The Nissan of Fort Worth property off of W. Loop 820 in southwest Fort Worth has been sold in a $66 million portfolio sale to an entity of the New York-based investment firm W.P. Carey & Co.

The portfolio included nine car dealerships totaling about 380,000 square feet and was sold by RLJ-McLarty Automotive Holdings. The facilities are being leased back to RLJ-McLarty for 16 years, W.P. Carey said.

In addition to the Fort Worth property, sold were three properties are in Alabama, two in Missouri, and one each in Tennessee, Arkansas and Louisiana.

The dealers sell and service Mercedes Benz, Nissan, Chevrolet, Toyota, Scion, Dodge, Chrysler and Jeep. The deal closed in September.

According to W.P. Carey, the acquisition is the first investment completed through a partnership with CapRocq Automotive, formed for the purpose of executing real estate sale-leaseback transactions in the automotive dealership industry. CapRocq is led by founders Franklin McLarty and Beau Blair.

McLarty bought the Fort Worth property in 2009 and moved its Nissan dealership to there after Frank Kent Honda and Dodge moved out last year.

"The formation of our relationship with CapRocq provides us with the opportunity to acquire commercial real property owned by operators of multi-site, multi-franchised automotive dealerships located in attractive markets throughout the United States," said Jason Fox, W.P. Carey’s managing director, in a statement.

W. P. Carey said it manages a global investment portfolio of about $12.7 billion.

_ Sandra Baker

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