A commercial real estate manager in Miami has officially bought over the former Davidson-Gebhardt Chevrolet dealership in Loveland late last week for a little over $10.44 million as the site is prepped to reopen as a maintenance facility for Tesla vehicles.

According to the Loveland-Reporter Herald, Miami Spaces LLC president Steve Rhodes acquired the property of the former car dealership at 1604 N. Lincoln Ave. through a subsidiary company in a deal that closed May 4, as per Larimer County property records.

The property was sold by Denver-based retail developer Drake Real Estate Services LLC.

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The sale of the central Loveland property came out to be a premium exceeding $8.61 million over the county’s last value estimate of more than $1.82 million.

The Reporter-Herald says that in text messages, Rhodes, the new property owner, said he purchased the property to lease to Tesla; the location is slated to open this July.

Tesla’s interest first sparked in Loveland back in March, when the company applied for permits to install signage and renovate the then-vacant 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 has not yet made a comment regarding the newly acquired property.

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