Chevy dealer property on Broad St. sells for $14M

Though the remnants of a ‘Royal” sign remain, the dealership is now operated by Parks Auto Group. (Mike Platania)

As it shifts over to new ownership, a local car dealer has sold its land on West Broad to its new operator for a sizable price tag.

Royal Chevrolet’s lots at 8200 and 4502 W. Broad St. sold last week for a combined $14.2 million.

The buyers in the deals are entities tied to North Carolina-based Parks Automotive Group, which bought Royal’s dealership in late 2019, per an RTD report.

Parks owns four Chevy dealerships in North Carolina, and bought the local outpost from the Mugford family, who owned the land and dealership since 2002.

Parks and Royal representatives could not be reached for comment by press time. The dealership and collision center now operate under the Parks name.

The deals include a car lot at 4410 W. Broad St., dealership at 4502 W. Broad St. and collision center at 8200 W. Broad St.

The dealership sits on about 7 acres that splits the Richmond and Henrico county line. Parks bought the lot and the 55,000-square-foot dealership building for $8.8 million, per city and county property records.

The 30,000-square-foot collision center, which sits on roughly 4 acres at 8200 W. Broad St., sold in a separate deal for $5.4 million. The county most recently assessed it at $3.6 million.

The city and county most recently assessed all the parcels at a combined $10.9 million.

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