Richmond, Virginia-based used-car dealer CarMax Inc. is expanding in the Phoenix metro with a new location in the West Valley.
CarMax (NYSE: KMX) recently closed on a 56-acre property in El Mirage, where it's planning to develop an 82,953-square-foot automotive wholesale auction and production center including a sales staging area, the company confirmed with the Business Journal on Friday.
The overall facility will comprise three buildings between the vehicle reconditioning center, an auction building and a car wash at the northwest corner of Dysart Road and Olive Avenue.
The company said the site, which it paid $23.5 million for in all cash, is part of its current growth plan. The new facility will be the company's farthest west and fourth location in the Valley. It also has stores in Scottsdale, Phoenix and Tolleson and two others in Tucson.
CarMax, one of the largest used-car retailers in the U.S., purchased the property from Nevada-based Dermody Properties on March 10, according to real estate database Vizzda and county records. County records show that Dermody Properties reviewed the company's plans, which are listed in documents as "Store No. 4023" at 13500 W. Olive Ave.