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Sperry CGA | RJ Realty’s Ron Osborne Closes Three Automotive Property Transactions Valued At $13.5 Million

8301 NW 7 Ave. Miami 800x533

Ron Osborne, Managing Director/Broker of SperryCGA | RJ Realty, has completed 3 major transactions within the automotive real estate sector.

After working through a variety of property and title issues for more than a year, The Taverna Collection, an entity managed by GianMarco Taverna, purchased the Ted Vernon Specialty Automobiles location at 8301 NW 7 Ave. in Miami (pictured above) from TAM Investment Properties, LLC, Both the dealership and property were owned and operated by Ted Vernon. The properties consist of approximately 38,961 square feet of buildings and a total of 3.53 acres of land. The transaction closed at $6,500,000. Xavier Cossard PA assisted in the sale. In a separate transaction. Ted Vernon Specialty Automobiles will be relocating to Greater Orlando in the near future and the purchase will complete its 1031 exchange. This subsequent transaction, which was facilitated by SperryCGA/Flint Brokers, an affiliate office, closed on August 2.

The second transaction involved the sale/leaseback of 500 N. State Road 7 in Plantation. The property sold for $1.7 million. The seller, 500 Ventures, LLC, sold the property and a related company, Car Net Auto Sales, Inc. The tenant leased the property back for 5 years on a triple net basis. The combined value of the transaction was approximately $2.4 million. Osborne stated that the location being situated on a hard-lighted corner along with having legal conforming zoning for auto sales drove the value. The transaction marks the third transaction Osborne has completed with the same buyer, GCDC 3, LLC, for automotive properties in the South Florida area.

The third transaction was the leasing of 770 N. State Road 7, an auto repair facility located in Plantation, owned by GCDC 2, LLC. The lease is a true triple net lease transaction with an approximate lease value of $650,000 for the 5-year term. Osborne supervised the renovations of the property after it was purchased back in December 2021 for $1,450,000.

770 N. State Road 7 Plantation-After Renovation

Osborne believes strongly that any automotive property in a prime location with legal conforming zoning and an active dealer and repair license will only increase in long term value. He has multiple clients that are always looking for automotive related properties in prime location in the tri-county area.

 

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Ron Osborne Negotiates $342 PSF Sale Of Auto Repair Facility In Off-Market Transaction

770 n state road 7 1000x600

Ron Osborne, Managing Director/Broker of Sperry CGA-RJ Realty, negotiated the sale of an auto repair facility located at 770 N State Road 7 in Plantation, Florida.

Osborne represented both sides of the transaction, including seller, DOXATO LLC, and Buyer, GCDC 2 LLC, in the transaction. Osborne sourced the buyer from Argentina, an entity he had previously worked with.

The property consists of a 17,000-square-foot site with a 4,408 square foot fully functional auto repair facility with 3 overhead doors with room for 7- 8 lifts. The property was formally used as a transmission shop.

The deal closed December 29, 2021.

The total transaction has a value of $1,509,000, or $342 per square foot, which includes the real estate and chattel mortgage on the equipment.

“The Seller approached a neighboring property owner and offered him the property, who is a current client,” explained Osborne. “Knowing that I am the Automotive Property specialist in the area, he referred the owner to me. Our biggest challenge in the sale was tenant’s right of first refusal on the lease, however it was written that the tenant had to match the offer exactly.  Since our Buyer presented an all-cash offer with proof of funds for the purchase price and a very large deposit, that stipulation became a non-issue.”

The deal represented Osborne’s sixth automotive transaction in Broward County in 2021, with all of the sales or leases transactions closing at the top of the market.

Sperry CGA-RJ Realty will be leasing and managing the property.

“The current tenant will be vacating sometime late January and we should be able to deliver the space first of March,” Osborne said.

Offering rent will be $28.00 NNN.

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