Lithia Motors & Driveway paid a combined $72.27 million for the real estate assets of Lehman Dealership Enterprises, according to Miami-Dade County records.
Medford, Oregon-based Lithia announced the acquisition of the family-owned chain of nine dealerships on June 28, but didn’t disclose the price. The deeds filed in Miami-Dade list the prices of the real estate but not other assets that were likely included in the deal, such as the value of automotive inventory and the dealership franchises.
Here is how the sales from Lehman to various affiliates of Lithia Motors broke down:
- Largo Honda, totaling 203,528 square feet on 3.7 acres at 554 N.E. 1st Ave., Florida City, sold for $22 million.
- Doral Hyundai and Doral Genesis, totaling 40,654 square feet on 11.9 acres at 10285 N.W. 12th St., sold for a combined $26.73 million in two deeds.
- Doral Kia, located on three acres at 10155 N.W. 12th St., sold for $6.69 million.
- Lehman Buick GMC and Lehman Subaru, totaling 79,810 square feet on 13.7 acres at 21200 N.W. Second Ave., Miami Gardens, sold for a combined $12.97 million in two deeds.
- Lehman Leasing, Van, Truck & Bus, totaling 11,711 square feet on 3.4 acres at 20950 N.W. Second Ave., sold for $2.69 million.
- Lehman Mitsubishi, covering two acres at 21000 N.W. Second Ave., Miami Gardens, sold for $1.19 million.
Bill Lehman Jr. said the dealerships have nearly 500 employees and Lithia is keeping almost all of them. They had about $850 million in sales a year.