Limousines of South Florida is extending its reach in Broward County by purchasing a car dealership in Lauderdale Lakes for $7 million.
Elan Holdings, managed by Oded Haims, sold the 7.8-acre property at 2000 North State Road 7 for $897,435 per acre. The property is occupied by a Haims Motors dealership, which will continue to operate at the location, according to a release.
Ron Osborne, broker and president of RJ Realty, represented the buyer and the seller in the deal.
The property includes a 35,000-square-foot building. It was initially built as a Dodge dealership, known as Monarch Dodge, until it closed in the early 2000s. It was last purchased for $2.75 million in 2012, records show.
Limousines of South Florida plans to use most of the property for its operations, while Haims Motors will lease the front portion of the property and continue to operate as an independent car dealership.
The auto dealership market is currently booming as there are not many well-located properties on the market with the proper zoning, Osborne said in a statement. He said cities are also becoming more restrictive on zoning for car dealerships.
South Florida has recently seen a number of dealership-related real estate sales. In October, auto magnate Terry Taylor sold a new dealership in Homestead to Bomnin Auto Group for $19 million. Earlier this year, Taylor bought a massive auto dealership in Royal Palm Beach for $44.7 million, property records show.
In August, HGreg.com paid $10.5 million for a vacant former Toyota dealership site at 551 South Military Trail in West Palm Beach.
Source: The Real Deal