Palm Beach County’s property (Credit: Google Maps, Max Pixel)
Greenway Automotive Group, based in Orlando, is expanding to a new location near Deerfield Beach.
Property records show an entity tied to the car dealership paid $6.2 million for a 35,640-square-foot warehouse at 681 South Military Trail. The trade breaks down to about $174 per square foot.
The seller is a subsidiary of the real estate investment trust Capital Automotive. Records show the REIT paid $8.7 million for the property in 2003 – meaning it sold the warehouse at a loss or 28 percent below its original sale price. Christopher J. Sokira, an executive at Capital Automotive signed the latest deed.
Greenway operates in the U.S. and in Shanghai. It represents such car brands as Ford, Dodge, Chrysler, Jeep, Ram, Fiat, Alfa Romeo, Toyota, Nissan, Honda, Chevrolet, Buick, GMC, Kia, Mitsubishi, Mazda, and Hyundai. In 2014 its revenue topped $2 billion, according to auto news site WardsAuto.
The warehouse was built in 1997 and sits on nearly 6 acres of land at the southeast corner of the intersection of South Military Trail and Gardenette Road.
Capital Automotive focuses on purchasing real estate and leasing it to operators of franchised vehicle businesses, like automobile dealerships and repair services. The company has a portfolio of more than 340 properties across the United States, according to Bloomberg.
South Florida’s industrial market has attracted the attention of investors and developers looking to capitalize on the area’s population growth.
During the summer, a car wash equipment manufacturer sold its 136,894-square-foot warehouse in Tamarac for $18.5 million to a Boston private equity firm. Last month, Manheim Auto Auctions of Atlanta sold 185 acres of land in Miami Gardens to Bridge Development Partners.
Therealdeal.com
Post a comment