Morgan Auto Group is expanding its South Florida portfolio with a $42 million acquisition of dealerships in Broward County.
The Tampa-based auto retailer acquired Al Hendrickson Toyota at 5201 and 5401 West Sample Road coconut creek, records and Vizzda performances. Morgan secured a $113 million mortgage from Bank of America, backed by the firm’s recent acquisition of a Fort Myers auto dealership.
The Coconut Creek transaction involved two adjacent properties and five buildings of nearly 82,000 square feet, completed in 1988 and 1989.
Seller, the entity managed by the car dealership Alfred Hendrickson Jr.In 1989, the company paid $8.3 million for the 20.3-acre property, records show.
Founded in 2004, Morgan Motor Company has 62 other Florida dealerships, including two retail stores selling Hyundai and Genesis vehicles in Kendall, an unincorporated community in southwestern Miami-Dade County.
car dealership South Florida deals are rare, and when they do, prices tend to be high.Last year, Lithia & Driveway, a national auto dealer in Medford, Oregon, paid a total of $96 million Six dealerships in Doral, Miami Gardens and Florida City sell Acura, Honda, Hyundai, Genesis, Kia, Mitsubishi, Subaru and Volkswagen model cars and trucks. The dealerships were previously owned by the Lehman family of South Florida auto tycoons and Ron Esserman.
In 2020, Redwood Capital Investments, linked to Maryland billionaires Jim Davis and Steve Bisciotti, divested of combined assets $90.5 million Available for dealerships in Margate, Tamarack and West Palm Beach.