Lundgren Honda location sold to leaseback firm for $18.5M
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Lundgren Honda, Auburn
The property housing the Lundgren Honda dealership at 145-163 Washington St. in Auburn has sold for $18.5 million to Legacy Automotive Capital of Exton, Pa., a company specializing in sale-leaseback and buy/sell capital transactions for the automotive retail industry.
The transaction closed on June 6. The seller is B & P Properties, LLC of Auburn, an entity registered to Barry Lundgren and Patrick Lundgren, who have been active in the Central Massachusetts real estate market this year.
The buyer is LAC 145-163 Washington Street LLC, an entity registered to Legacy Automotive Capital, according to the Worcester Registry of Deeds. The property was last assessed by the Town of Auburn at $7.8 million.
A sale-leaseback transaction allows an owner to liquidate their real estate asset while continuing to operate their business at the same location, often for expansion. A high-profile example of this is LCN Capital Partners’ acquisition of the Staples headquarters in Framingham in 2020.
Lundgren Equity Partners LLC, helmed by Barry Lundgren, purchased a distribution center at 17 Saint Mark St. in Auburn for $3.8 million, also on June 6. Other significant acquisitions over the past year by the Lundgrens include Webster Plaza in Webster, three properties along Main St. in Worcester, and 385 Grove St. in Worcester.
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