This story first ran on BizWest.com, a BusinessDen news partner.
LOVELAND — A commercial real estate manager in Miami acquired the former Davidson-Gebhardt Chevrolet dealership in central Loveland late last week for just more than $10.44 million as the site moves toward reopening as a maintenance facility for vehicles made by Tesla Inc. (Nasdaq: TSLA).
Miami Spaces LLC president Steve Rhodes acquired the property at 1604 N. Lincoln Ave. through a subsidiary company in a deal that closed May 4, according to Larimer County property records. The seller was Drake Real Estate Services LLC, a retail developer based in Denver.
The sale amounted to a premium of more than $8.61 million over the county’s last value estimate of more than $1.82 million.
In text messages, Rhodes said he purchased the property to lease to Tesla, which expects to open the location by July.
BizWest first reported Tesla’s interest in Loveland in March, when the company applied for permits to install signage and renovate the dealership. A city aide told BizWest that Tesla would not be selling cars out of the location but rather use it for vehicle repairs.
Tesla did not respond to a request for comment Wednesday morning.