MIAMI—With the automotive industry recovering in countries around the world, manufacturers and dealers alike are reassessing their commercial real estate needs. The Williamson Automotive Group just made a strategic acquisition with growth in mind.
Williamson acquired 7700 Southwest 100th Street in Miami, a site next to existing dealership located at 7815 SW 104th Street, for $8.9 million. Colliers Automotive Retail Services (CARS) Group, led by Xavier Cossard, national director of CARS, and Michael T. Fay, chairman and founding partner of Colliers International South Florida, represented Williamson.
"Automotive sales are growing quickly and many dealers face a similar quandary of making certain their real estate works for their business," says Cossard tells GlobeSt.com. "As urban land prices continue rising, many dealers are taking a very close look at their operations."
Joel N. Minsker, Esq., and Bloom & Minsker, P.L. served as counsel for the buyer. Lee S. Katsikos of The Katsikos Group, represented the seller, A-1 Fargo Van & Storage.
"We are delighted to have been able to acquire this property because of how our business has expanded over the last several years," says G. Ed Williamson, II, chairman and CEO of Williamson Automotive Group Cadillac-Buick-GMC. The site will be used for operational purposes of the dealership.
Automakers and deals are making moves across the country. Recently, Toyota and Hyundai Capital America inked deals in Atlanta suburbs. KBS Real Estate Investment Trust just inked a 33,224-square-foot lease renewal with Toyota Motor Sales at Great Oaks Center. Hyundai Capital, a finance division of automaker Hyundai Motor Group, inked a 50,000-square-foot lease expansion in Atlanta's Cumberland/Galleria office submarket.
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