An Ohio auto dealer has finalized the purchase of a Burlington parcel with the hopes of replacing an aging office building with a $25-million Mercedes-Benz dealership.

Collection Auto Group owner Bernie Moreno is seeking to rezone the 5.5-acre property at 80-82 Cambridge St. to build a 55,000-square-foot dealership.

The existing office building dates back to the 1960s and was last occupied by Palomar Medical Technologies.

The previous owner was Northland Cambridge Street LLC.

A town meeting will consider Moreno’s request to rezone the property as a planned development district on Jan. 27., clearing the way for its use as a car dealership.

A financial analysis by Collection Auto Group estimates the project will pay $410,000 in annual property taxes to the town of Burlington and between $40,000 and $50,000 annual excise taxes. The dealership will employ 65 people full-time, according to the company.

A Bay State native, Moreno owns 28 luxury car dealerships in the Midwest. This would be his first Massachusetts dealership.

The purchase price for the property was not disclosed. The dealership’s construction costs are projected to be $13 million, according to Collection Auto Group.

Palomar Medical Technologies was acquired in June by Westford-based Cynosure, which manufactures lasers used in cosmetic surgery. Cynosure is relocating Palomar’s two Burlington facilities to Westford.

Palomar Medical Technologies’ 130,000-square-foot headquarters had been at 15 Network Drive since 2010. Nordblom Development Co. of Burlington announced Dec. 4 that it had acquired 15 Network Drive for $25.6 million. Cynosure continues to occupy the building which it leases through June.

Nordblom has hired Cushman & Wakefield to market the property.