Auto CRE Group Closes $12M Deal
Colliers Abood-Wood Fay’s automotive real estate services group has facilitated a transaction of 5.5 acres next to Mall of the Americas off the 836 Expressway for $11.9 million. The site, formerly occupied by Expressway Toyota, was sold by Kahn Family Enterprises of South Florida Ltd. and bought by Albert Maury as trustee for Leon Medical Centers. According to the local firm, the ARESG has generated $200 million in business completing similar automotive transactions over the last four years.
“Our automobile dealers are making record sales; however, not selling cars, but selling their land,” says Owen G. Cone, senior commercial associate with South Florida-based Colliers Abood-Wood Fay. Besides the recently completed deal, Cone says he’s involved with $100 million of similar transactions currently in negotiation. “We’ve made a name for ourselves within the auto dealer community and they have made several referrals back and forth to each other,” he tells GlobeSt.com.
