Calgary, Alberta — Automotive Properties Real Estate Investment Trust (REIT) has officially completed its acquisition of a Straightline Kia Automotive property in Calgary, AB.
The dealership property was previously owned by the JV Driver Group as a part of the Calgary Auto Mall. REIT, which now carries a portfolio consisting of 62 commercial properties across the country, acquired the Straightline Kia Automotive for $8.4 million.
Straightline Motor Group will be acting as the operating tenant for the 1.96-acre property, entering into a 15-year, triple-net lease with REIT, including two five-year renewal options at market rates.
Located near the intersection of Deerfoot Trail and Glenmore Trail, the property includes a 21,808 square foot full-service Kia dealership situated within the auto mall.
