Craig Zinn Automotive Team paid $23.5 million for a improvement web site in Kendall.
The Hollywood-based auto supplier obtained an 8.3-acre home at 15200 Southwest 136th Street, records and Vizzda show. The web site is authorized for a two-tale automobile retail constructing spanning almost 76,000 square ft and 580 parking areas, documents and Vizzda present.
The vendor, an entity managed by Ben Joannou Sr. in Miami, paid $4.1 million for the assets in 2015, records demonstrate.
Named following its CEO, Craig Zinn Automotive Group owns five dealerships in South Florida: Toyota of Hollywood, Lexus of North Miami, Lexus of Pembroke Pines, Acura of Pembroke Pines and Subaru of Pembroke Pines.
Craig Zinn’s most current land acquisition is adjacent to a 14-acre property at Miami Government Airport that the automotive organization is leasing from Miami-Dade County. Past month, the county fee accepted a 30-yr lease settlement with two 5-12 months renewal solutions that permits Craig Zinn to construct a $15 million Subaru dealership and ancillary amenities, in accordance to a Miami-Dade memo.
Throughout an 18-month because of diligence phase, Craig Zinn will fork out Miami-Dade $135,000 in hire. Craig Zinn will then pay out $1.5 million for the initially yr of the lease. The hire raises by 2 per cent in the second yr, and then each individual 5 decades primarily based on appraisals, the memo states.
Miami-Dade will obtain around $77 million by the close of the 30-yr term, the memo reveals.
In the previous six months, a few of automobile retailers have been cruising for south Miami-Dade qualities to incorporate to their portfolios. In August, Birmingham, Alabama-based Aspiration Motor Team acquired a Mercedes-Benz dealership and an vehicle physique fix shop in Cutler Bay as section of a $150 million portfolio obtain. The offer also incorporated a Mercedes-Benz dealership and former city govt workplace setting up in Coral Gables.
A thirty day period later on, Miami-based automobile mogul Luis Somoano paid $20 million for the land beneath his 7.3-acre Ford dealership in Kendall.
Also past calendar year, Tampa-primarily based Morgan Vehicle Team expanded into Broward County. The business paid out $42 million for Al Hendrickson Toyota in Coconut Creek.
