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2-Story Porsche Dealership Proposed In Pompano Beach

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A local automotive dealership is proposing a new Porsche complex in Pompano Beach.

Copans Motors, Inc. wants to build a two-story Champion Porsche dealership with a four-story parking garage at 300 N.W. 24th St., about 300 feet south of Copans Road.

If approved, it will be built on the same 11-acre property where Copans Motors, doing business as Champion Porsche, operates a converted 116,733-square-foot retail building as a maintenance and parts facility.

The new complex will also be next door to Champion Porsche’s current dealership complex at 300 W. Copans Road.

 

Source:  SFBJ

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Used Car Dealership Off Lease Only Files Chapter 11, Winds Down Business Operations

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Florida used car dealership chain Off Lease Only filed for Chapter 11 bankruptcy reorganization on Sept. 7, and announced plans to “orderly wind down” its business.

The Palm Springs-based company, along with affiliates Off Lease Only Parent and Colo Real Estate Holdings, filed Chapter 11 petitions signed by CEO Leland Wilson in U.S. Bankruptcy Court in Delaware.

The companies listed between $100 million and $500 million in both assets and debts.

The company — which has five Florida dealerships, one near Orlando International Airport and the others in West Palm Beach, North Lauderdale, Opa-locka and Bradenton— is closed to the public, according to its website. All of its locations are leased; the Orlando property’s landlord is Dallas-based Spirit Realty LP.

Off Lease Only made this decision because of “significant challenges and competitive pressures resulting from unprecedented changes to the automotive retail landscape,” it said in a news release. “The industry has been impacted by inventory scarcity, and vehicle price inflation stemming from supply chain disruptions and multiyear declines in new vehicle production. Elevated pricing and rising interest rates have further deteriorated conditions in the automotive retail market, weakening consumer demand and affordability.”

 

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Plantation Auto Dealership Changes Hands

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A net-leased automotive dealership property located in Plantation sold for $5,750,000.

The Ride4U dealership, located at 747 N State Rd 7,  is just 1.2 miles away from Florida’s Turnpike on a major auto dealership corridor.  The lot size is 1.7 acres and can accommodate approximately 250 cars between the showroom and service department. The building measures approximately 9,000 square feet which includes a showroom and back office.

The buyer, a limited liability company, obtained a $5,175,000 million loan in acquisition financing.

RJ Realty was not involved in the transaction.

 

Source:  CityBiz

 

 

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Sperry CGA | RJ Realty’s Ron Osborne Closes Three Sale Transactions Totaling $8 Million

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Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, has completed three significant transaction in the 2nd quarter of the year.

5360 S State Road 7-Tamarac FL_Photo Courtesy of Ronald Osborne_DxO

The most recent transaction involved the sale of both the real estate and business located at 5360 S. State Road 7 in Tamarac. The transaction was handled as an exclusive listing but completed off market in order to protect the business from interruptions.  Hi-Tech Collision, a well-known paint and body business for over 38 years, was purchased by Gerber Collision or subsidiaries, In addition, the Buyer leased an additional 2,500 square feet from the Seller, who owns the adjacent multi-tenant property. While the amount of the combined sale is confidential, the sale price of the real estate transaction, which is comprised of 9,747 square feet of buildings situated on 23,756 square feet of land, was $2,750,000.

Osborne stated, ”Due to the current financing condition in the lending market and higher interest rates, it was decided to reach out only to the national body shop companies as they have the ability to pay cash or execute a long-term lease.” 

Gerber Collision was ultimately selected from several major buyers to purchase the property rather than lease it, which was preferable to the Seller. Gerber also agreed to retain all employees in order to keep the quality of work consistent. This was important to the seller as most of them had been long-term employees.

6001 N University Dr-Tamarac, FL_Photo Courtesy of Ronald Osborne_DxO

The second transaction, which closed in June, involved the sale of a former bank building located at 6001 N University Dr., also in Tamarac. The building was leased to Sunnyside Cannabis Dispensary, which is scheduled to open at the end of this year. The tenant executed a 10-year NNN lease. The property closed at $4,520,000 in an all-cash transaction. The Buyer, GCDC 5, LLC, an entity managed by Osborne, purchased the property as it offered a much higher yield than other STNL (single net tenant lease) properties in South Florida by more than two percentage points. Osborne stated that since this type of tenant is very hard to obtain financing for, especially in the current increasing interest rate climate, the all-cash offer with proof of the available funds to purchase made GCDC 5, LLC offer very attractive to the Seller. Barry Wolff and Alan Lipsky of Marcus and Millichap represented the Seller in the transaction.

1030 N Federal Highway-Pompano Beach FL_Photo Courtesy of Ronald Osborne

The third transaction completed by Osborne, which closed in May, involved the sale of 1030 N Federal Highway in Pompano Beach, FL. The property was leased to Hertz Car Rental for more than 10 years. When Hertz declined to renew its lease at market rates, GCDC, LLC decided to market the property for sale or lease. The property totals approximately ±800 square feet of office space, situated on 8,000 square feet of land. While numerous full list price offers of $795,000 were received from used car dealerships, the zoning did not allow for that use, so the offers were ultimately declined. Numerous list price offers were subject to financing, which, in the current market climate, were questionable. An offer was ultimately accepted from Autobuy/WePayTheMax.com for $750,000 with a very short contingency period only to confirm that the city would permit an auto appraisal office.

Osborne is now representing GCDC, LLC in its 1031 exchange and has identified several properties of interest for purchase and expects to close on another cannabis dispensary in Homestead in August.

 

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Broward County Auto Dealerships To Be Demolished To Build New Ones

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King Motors filed plans to demolish its dealership buildings at 1345 to 1399 S. Federal Highway in Deerfield Beach in order to construct larger buildings for both Hyundai and Genesis

King Motor Company of South Florida currently has 40,896 square feet of automotive space in three buildings situated on 1.94 acres. They were built in 2006.

King Motors previously operated Mitsubishi and Suzuki dealerships there. However, it recently changed to Hyundai and Genesis

 

Source:  SFBJ

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Swedish Electric Vehicle Company To Open 2 New South Florida Dealerships

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As part of its expansion in the Southeast U.S., a Swedish electric vehicle company will open two new locations in South Florida.

Polestar will open a dealership in Fort Lauderdale at 301 E. Las Olas Blvd. within the Plaza at Las Olas later this month, said Steven Radt, Polestar’s head of network development. A Coral Gables dealership is expected to open in July, Radt added.

At present, Polestar’s sole location in South Florida is in the Tree of Life Plaza at 4047 Okeechobee Blvd. in West Palm Beach.

Besides West Palm Beach, Polestar recently opened locations in Tampa and Atlanta. A Polestar dealership will open in Charlotte, North Carolina, in June while a Naples location is “coming soon,” a company release stated.

Polestar is expanding in the Southeast because it’s the fastest growing region for electric vehicle sales in the U.S.

“In fact, recent data shows Florida, Georgia, and the Carolinas account for more than 11% of EV registrations nationwide, with Florida being the second in the nation for EV ownership, behind California and ahead of Texas,” Radt said. “It’s a very important market for our brand.”

 

Source:  SFBJ

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Sperry Commercial Global Affiliates | RJ Realty’s Ron Osborne Closes Two Property Sales Totaling $7.55 Million

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Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, negotiated the sales of two properties – an office property and a boat/auto dealership – totaling $7,550,000

The first transaction included the sale of the 911 Building (pictured above), a 25,000-square-foot office building located at 911 E Atlantic Blvd in Pompano Beach. The property was in contract numerous times with potential owner/users and investors, but the ultimate buyer was JSA 911 POMPANO LLC, a group affiliated with Architect Yuri Gurfel who is well known for his multifamily projects in Pompano Beach. The new owners’ 2–3-year plan is to build approximately 60 multifamily units on the site. JSA 911 POMPANO LLC paid $3.6 million for the property. The seller, 911 Atlantic LLC, or an affiliated company held a short-term 50% mortgage. The transaction closed March 30.

1771 S State Road 7The second transactions included the sale of 1771 S State Road 7 in Ft. Lauderdale, a closed boat/auto dealership, for $3,950,000, marking a 38% gain in less than two years. The property last sold in June 2021 for $2.65 million to 1771 HOLDINGS LLC, which Osborne also negotiated. The seller never moved into the building due to internal issues. Osborne sourced a buyer at full asking price within days of putting the property on the market, going under contract with ELEVATOR CONSTRUCTORS LOCAL 71 HOLDING CO INC and closing in under 45 days. The transaction closed March 24. The buyer was represented by Gus Bergamini of The Keyes Company.

Ronald Osborne-SperryCGA RJ Realty“The market is a shifting from a Seller’s market to a market-in-equilibrium and depending on future interest rate increases, it could shift to a Buyer’s market,” commented Osborne. “Demand is high for all asset classes and certain property types that are harder to locate and in demand and are trading quickly at top values like the 1771 S State Road 7 property.”

Osborne also commented that properties that have loans coming due in the next 12 to 18 months will have a harder time refinancing as interest rates have increased dramatically since March of 2022 and lenders are being more conservative with higher debt coverage ratios and lower loan-to-value ratios.

“Many property owners do not have the required funds to pay down their loans and will need to consider all options including selling,” explained Osborne. “It is better to sell now than later if this becomes a Buyers’ market as it did during the savings and loan crises or the last recession from 2007 to 2009. The properties values will adjust accordingly.”

 

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BMW Dealership In Pembroke Pines Breaks Ground On $17M Expansion

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Miller Construction Company started construction on a new two-story showroom for Holman Automotive’s BMW of Pembroke Pines. Miller will demolish the existing structure and bring a new, modern showroom to life.

Located at 14800 Sheridan St. in Pembroke Pines, the 37,350-square-foot, state-of-the-art showroom will include office spaces, break rooms and finishes, along with floor-to-ceiling windows showcasing the vehicles throughout the entire building.  The project also includes 113 parking spaces and renovations to the service drive and sidewalks around the perimeter of the showroom.

The project is scheduled for completion during Q4 of 2023.

 

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Auto Dealership Breaks Ground In Coconut Creek With $16M Loan

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A Mazda dealership broke ground in Coconut Creek after the dealer secured a $16.14 million construction loan.

Toyota Motor Credit Corp. provided the mortgage to Pompano Autoplex LLC, managed by Don Lia of Huntington, New York-based Lia Motor Group. His company owns 10 dealerships, including Mazda of Palm Beach.

The loan secures the 5-acre site at 3757 Coral Tree Circle. The dealer purchased the property for $5.1 million in 2020 and demolished an office building there. It was previously used by Waste Management.

Coconut Creek Mazda was approved for a two-story building of 16,094 square feet for a showroom, sales center and offices. It would be attached to a three-story building of 90,582 square feet, consisting of 8,898 square feet of auto service with 16 repair bays and a parking garage. There would be 455 parking spaces on the site between the surface parking and the garage, including 318 spaces for dealer inventory.

The dealership was designed by J.A.O. Architects & Planners in Boca Raton.

While it might seem odd for Toyota to finance construction of a Mazda dealership, the two automotive companies have been working closely together since forming an alliance in 2015. Toyota owns a minority stake in Mazda.

 

Source:  SFBJ

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Sperry Commercial Global Affiliates | RJ Realty’s Ron Osborne Reps Buyer In Purchase Of Ridge Plaza Auto & Tire Center

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Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, represented the Buyer, GCDC LLC, a foreign Investor, in the purchase of a 5,300-square-foot retail automotive repair facility located at 9190 W. State Road 84 in Davie Florida.

The deal closed October 28.

GCDC, LLC purchased the property from CR Ridge Plaza LLC for $2,967,9335, representing a 6.2% cap rate.

The property is currently occupied by Ridge Plaza Auto & Tire Center. The operator has occupied the property for 38 years and has 8+ years remaining on the lease with an annual 2% rent increase.

This is the fourth transaction in which Mr. Osborne has represented this investor in the last 12 months and the first transaction in which the buyer secured financing. Osborne has a fifth purchase under contract and is scheduled to close before the end of the year on an all cash abasis with a cap rat of 6.2%.

Ronald Osborne“As a foreign investor without a US residence, it was extremely difficult to find a lender willing to make the loan even with 50% down,” explained Osborne. “Ultimately, we were able to obtain a first mortgage with the assistance of Manuel Huerta of Interamerican Bank.”

Osborne has represented GCDC, LLC for the last year and they are looking to acquire additional properties this coming year. Due to the higher cost of capital and the cost of Windstorm Insurance, they will be seeking higher returns.

“With the current cap rates lower than in other parts of the country, we believe market will see higher cap rates in the near future, especially here in South Florida, as interest rates increase and the additional cost of Windstorm Insurance,” Osborne added. “Buyers that can pay all cash or have a good relationship with the lender that will waive the windstorm insurance will be critical in the sale of property within the coming year. We looked at several STNL properties over the last 4 months and could not find one in the South Florida market that would offer a reasonable return and future upside. This property offers both and we hope to purchase another property from the same group shortly.”

The property was listed by Stan Johnson Company.

 

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