Ron Osborne Negotiates Sale Of North State Road 7 Dealership

Nov 11, 2019 No Comments by

Ron Osborne, Broker/President of RJ Realty, negotiated the sale of a car dealership located at 2000 N. State Road 7 in Lauderdale Lakes.

Osborne represented both the seller, Elan Holdings, LLC and the buyer, Limousines of South Florida in the transaction.

The sale includes a 35,000-square-foot building situated on a ±7.8 acre lot, with 1.58 acres of the lot zoned as a preserver for storm water retention. The property was originally built as a Dodge dealership and was known as Monarch Dodge until it closed in the early 2000s.

Haims Motors currently operates a dealership at the location and will continue to operate at this location  The selling entity and Haims Motors are both owned by Mr. Haims.

The total transaction, which closed October 31, is valued at approximately $7 million.  Limousines of South Florida will be using the back two-thirds of the property for its transportation company. Haims Motors will be leasing back the front portion of the property and will continue operating as an independent car dealership.

 

“The buyer was one of the first groups that looked at the property, however they wanted to locate closer to I-595,” explained Osborne. “After months of searching, they decided to purchase the subject property.  We had to overcome several issues with the city regarding the buyer’s business and continue operation as a car dealership. Mr. Haims wanted to continue his business at this location.  We had several other offers that were similar in value but would have required Haims Motors to vacate the property immediately.  One large auto dealership conglomerate out of the Midwest was willing to pay close to list including purchasing the contract from the buyer.  The automotive dealership market is extremely hot currently as there are not many well-located properties on the market with the proper zoning.  The Flag dealerships usually do not come on the market and, therefore, there are very few large dealerships for sale.”

Osborne went on to explain that the scarcity of used car lots with legal conforming permitted use with certificate of use in place of any size in Broward County has decreased over the last several years as cities have changed the zoning regulation and FDOT’s acquisition of property along State Road 7, which has also caused both rents and sale land value to increase by more than double and, in certain situations, tripled, as is the case along the State Road 7.  RJ Realty has contracts pending on another medium-sized dealership and has smaller locations for sale or lease at this time.

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Broward County Retail, Industry News, Retail
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