CarMax picked up 24 acres of vacant industrial land in Jupiter for $16 million.
An affiliate of CarMax, a Richmond, Virginia-dependent applied car seller led by CEO William Nash, acquired the home at 15920 and 15959 Corporate Road North, records and Vizzda show.
The vendor, an affiliate of Fairfield, New Jersey-primarily based Woodmont Homes, created a sizeable attain on its preceding sale rate two several years in the past. In 2022, Woodmont paid $3.5 million for the 24.4 acres, records show.
CarMax recognized the 24.4 acres as a “potential good suit for our present advancement plan” and “it will most likely be an auction-only facility,” a company spokesperson stated. The organization has 24 dealerships in Florida, such as in Boynton Seashore, Fort Lauderdale, Miami, Pompano Seaside and Royal Palm Beach front, in accordance to CarMax’s website. In 2018, CarMax compensated $7.5 million for the vehicle dealership website in Royal Palm Seaside.
Other vehicle dealers are also revving up enlargement designs in South Florida. This month, Raleigh, North Carolina-primarily based Johnson Automotive Dealership Team paid out $25 million for a 1-acre internet site which is house to a Staples retailer in Miami’s Edgewater. Johnson Automotive options to change the retail store into a Kia showroom and dealership, although it is unclear when the Staples lease expires.
Johnson Automotive’s planned Kia dealership would be the company’s first auto retail web-site in South Florida.
Craig Zinn Automotive Group is also growing in south Miami-Dade County. The Hollywood-based vehicle dealer picked up an 8.3-acre progress internet site in Kendall for $23.5 million in January. Craig Zinn Automotive strategies to make a two-tale auto retail building spanning 76,000 sq. toes and 580 parking areas.
The Kendall property is adjacent to a 14-acre web-site that Craig Zinn Automotive is leasing from Miami-Dade County where the enterprise is preparing a $15 million Subaru dealership.
Very last yr, Desire Motor Team purchased two Mercedes-Benz dealerships in Coral Gables and Cutler Bay, an vehicle system fix store in Cutler Bay and an place of work creating in Coral Gables. The Birmingham, Alabama-based firm compensated $150 million for the 4-home portfolio.
