APG Capital Closes $12.875M Sale of Glenwood Avenue Automotive Asset

“The universe works in its own way to join those of us who need to be connected. There are no coincidences.”

One year ago, APG Capital announced the successful leasing of 7601 Glenwood Avenue, a high-visibility automotive property in Raleigh owned by Oberlin Investors and managed by APG Companies since 2007. That leasing milestone marked the beginning of a new chapter for the asset.

Today, APG is pleased to share the next – and final – chapter: the option to purchase has been exercised, and the property has officially sold for $12,875,000.

The buyer, Westgate Auto Group, is a leading owner-operator of new, used, and luxury automotive dealerships across North and South Carolina. Westgate added the Auction Direct USA brand to its portfolio in late 2024 and, with this acquisition, has made a long-term commitment to one of Raleigh’s most established automotive corridors.

Located on 8.52 acres along US Highway 70, the property includes an existing 20,000+ square-foot facility and has supported automotive retail operations for decades. The sale represents a seamless progression from lease to ownership, reinforcing the strength of the location, the operator, and the long-term real estate strategy.

“As a firm, we love when a plan comes full circle,” said Jim Anthony, Founder and CEO of APG Companies. “What began as a fast, uninterrupted transition for the operating business ultimately became a long-term real estate outcome that rewarded everyone involved. Westgate is a first-class group, and this purchase is a strong vote of confidence in Raleigh, in this corridor, and in the staying power of a well-located asset.”

The sale reinforces the continued strength of Raleigh’s Glenwood Avenue automotive corridor and highlights APG Capital’s focus on aligning strong operators with long-term real estate ownership. The transaction also offers a potential glimpse into how long-standing operators may approach real estate ownership in high-growth markets moving forward, as land constraints, rising replacement costs, and limited availability make well-located sites increasingly difficult to replicate.

Founded in Raleigh over four decades ago, APG Companies helps investors and operators protect and grow value by aligning real estate strategy with long-term market fundamentals.