Group 1 Closes Hennessy Dealer Purchase in Metro Atlanta

Group 1 Automotive has completed its purchase of the Hennessy Automobile Cos. stores in Metro Atlanta, according to a new SEC filing. The company agreed in July to buy ten dealerships and one collision center for about $1.3B. Sales tax records show individual prices for three of the suburban stores, including Hennessy Ford Lincoln Atlanta in DeKalb County at $25.7M. Group 1 CEO Daryl Kenningham said the Atlanta market is now the company's second-largest by revenue, with the chain expected to generate roughly $1.7B annually. The deal was funded through a private placement of senior notes.

The same roundup covers other local property activity. An LLC tied to Taurus Investment Holdings bought a flex industrial building near Interstate 75 for $21.6M. Brookfield acquired two DeKalb County land parcels from Toll Brothers for $25.4M. Elmington Residential and a partner bought The Asher at Sugarloaf, a 260-unit Lawrenceville apartment complex, for $55M. Pine Tree purchased Towne Center Prado in Marietta as part of a larger portfolio deal. The Sandy Springs City Council also cleared Trammell Crow to plan the next phase of City Springs.

For builders and financiers, the takeaway is that large dealer-group capital is still flowing into Atlanta-area commercial assets, while entitlement progress in Sandy Springs keeps mixed-use pipeline moving.