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.
Osborne explained, “Auto dealership properties are selling at premium prices along the State Road 7 corridor because most of the cities are changing the zoning and eliminating the use within the retail zoning along State Road 7.”
In addition, Osborne went on to explain that the widening of State Road 7 south of Stirling Road has eliminated most of the smaller dealership properties on the east side, between Stirling Road and County Line Road, causing the value of the existing zoned dealerships to increase dramatically over the last 2 years. Many of the smaller dealerships have been grandfathered, however, eventually the area will no longer have the dealership use.
The buyer, ST RXR Investments LLC, was represented by Robert Granda of Franklin Street. The buyer plans on operating a used car dealership at the location.