A 10.5-acre parcel in Calabasas long used by a nursery has been sold and will be developed as a car dealership.
Sperling Nursery sold the land at 24460 Calabasas Road to Slevin Capital Development Inc., in Chicago, for an undisclosed price, according to Lee & Associates LA North/Ventura Inc., the broker on the deal.
Slevin Capital owns Slevin Automotive Group LLC which owns and operates car dealerships in Chicago and Southern California. The company plans to develop the property for a Nissan dealership.
John Battle, a principal with Lee & Associates, said the land was listed without a price because demand, the ultimate use and the rarity of the land would establish its value. It is one of the last commercially zoned properties of its size in the city of Calabasas.
“We received eight or nine offers from a number of different commercial users, and the sellers chose the one that best suited their plans and timetable for divesting the property,” Battle said in a prepared statement.
Battle was joined by Lee & Associates colleagues Mike Tingus and Grant Fulkerson in representing the seller and buyer in the transaction.
Sperling Nursery was founded in 1971 and grew into a garden supplier with customers throughout Southern California. Founder Joe Sperling died in 2013, setting the stage for the decision to close the business and sell the property.