Ron Osborne, President and Broker at RJ Realty, announced the sale of a used car lot located at 1080 NW 31 Avenue in unincorporated Broward County, across from the Swap Shop.
Osborne represented the Seller, E-Z Deal Inc., in the $920,000 purchase. The transaction closed on January 5.
This is the second transaction Osborne has closed with this Buyer, which is planning on converting the site to a high-end car wash facility. The first transaction closed in June 2017.
Osborne, who has completed numerous car lot sales in the last 18 months, explained, “Due to the changes that many of the cities are marking in zoning has caused prices for car lots, and many similar uses, to increase geometrically provided the properties have the proper zoning. Properties that have the correct uses are selling at a 10% -30% premium over properties that are grandfathered in for the use countywide.”
Osborne believes that this trend will continue as long as the use continues to be removed from the zoning codes along the major arteries. Today, it is nearly impossible to find a used car lot along State Road 7 south of Sunrise for under $50 per square foot.
The property consists of a 1,970-square-foot auto showroom situated on a 23,000-square-foot lot.
The Buyer, 1080 NW 31 Ave, LLC, was represented by Erica Mizrahi of Keter Estates.
1955 S SR 7 LLC purchased the asset from 1955 S. State Road 7, LLC, a company affiliated with the ownership of Apple Auto Wholesalers of Florida, the used car dealership that operated on property.
Both properties allow for 250 to 300 vehicles and are situtated on 1.8 acres each, within the greater Plantation submarket in the Automotive Mall district.
Ron Osborne of RJ Realty announced the sale of 601 N State Road 7 in Plantation. The property consists of a 9,000-square-foot auto showroom on 1.5 acres.
Osborne represented the seller, Mount Sinai Real Estate. The property sold for $3,150,000.
Ronald W. Osborne inked a new long-term lease transaction valued at over $1 million with a Midas franchisee at the 5,977-square-foot free-standing auto repair facility located at 2936 N. State Road 7 in Margate.
Broker/President Ronald W. Osborne represents both buyers and sellers of commercial properties of all asset classes and types, focusing primarily on privately owned properties in South Florida, ranging in value from $1 to $10 million.
SperryCGA – RJ Realty