Updated Oct 7, 2026
Milton Lamb Of Automotive Properties REIT Acquires Tesla Dealership In High Point For $21M
2620 North Main Street
$21,000,000
$492/SF
Building Size
42,672 SF
Asset Type
Retail
Closing
Oct 6, 2026
About this deal
AI
The property asset involved in the transaction is a retail dealership located at 2620 North Main Street in High Point, NC. The sale price for this asset was $21,000,000, with a total square footage of 42,672 and comprising a land area of 5.6 acres.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $21,000,000
- Buyer: Milton Lamb - Automotive Properties REIT
- Seller: Ken Kahan - California Landmark Group
- Market: High Point, NC
- PPSF: $492
- Acquisition Date: 10/06/2026
- Previous Purchase Price by Seller: $19,000,000
- Previous Purchase Year: 2023
Milton Lamb represented Automotive Properties REIT in this acquisition, marking its first investment in North Carolina. Ken Kahan represented California Landmark Group, which sold the dealership site after Tesla commenced operations there in August 2024.
On the Map
$21,000,000
$492/SF
Retail
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Players
Saint Maries Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93