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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.
The new owner has plans to develop and operate an automated car wash at the location.
The deal closed June 6. Osborne represented the seller. The buyer was represented by Erica Mizrahi of Keter Properties.
This property was properly zoned in unincorporated Broward. Like properties properly zoned for automotive uses along the State Road 7 Corridor have increased in value over the last several years at a greater rate of appreciation than properties which do not have this permitted use. This is due to the DOT’s widening of State Road 7 south of Stirling Road, and the DOT’s acquisition of all properties on the east side of the corridor. Many of the properties were utilized as car dealers, repair shops and other auto-related business. The city’s changing of the zoning laws along the corridor to no longer permit these uses for new business, unless the use was grandfathered in, has also contributed to the increased value of these assets.
RJ Realty is currently marketing two larger dealerships along the State Road 7 (US 441) Corridor in the Plantation submarket. Both assets can accommodate over 200-250 vehicles and range in price from $4,990,000 to $6,500,000.
In addition, RJ Realty is the exclusive representative for Car Factory Outlet, a used-car dealership that offers “wholesale prices to the public.” Car Factory Outlet has been named a Top 50 Independent Retailer in the Nation by Auto Dealer Monthly for three consecutive years. RJ Realty is looking for sites in Broward and Palm Beach Counties on behalf of Car Factory Outlet that can accommodate approximately 150 cars.