Auto Agencies to Stay, New Owners to Build Offices

The familiar downtown Thomas Cadillac site, overlooking the Harbor Freeway at 7th Street, will continue to serve as an automobile dealership but its new owners will add office, retail and parking space. W&M; Partners Development Corp. purchased the triangular, 5.9-acre site from Thomas Interests for $57 million. The partnership is a Watt Enterprises entity. Ray Watt is chairman of Watt Enterprises and Kent Merselis is president of W&M; Partners.

Following the close of escrow, they announced that both automobile dealerships--Thomas Cadilllac and Vicky Thomas Pontiac--will continue to do business in the immediate future at the southeast corner of 7th and Bixel streets and the southwest corner of 8th and Bixel streets, respectively.

The Nadel Partnership Inc. will design a plan to accommodate a combination office, retail and parking project in two phases on three parcels.