Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of net-leased automotive dealership property located in Plantation. The asset sold for $5,750,000. Marcus & Millichap Capital Corporation (MMCC) arranged a $5,175,000 million loan in acquisition financing.
“This asset is a great addition to the owner user buyer as growth continues in South Florida for automobile dealerships,” said Alex D. Zylberglait, senior managing director, “This is a strategic location among many other automobile dealerships.”
Zylberglait and Michael Crocchiola, senior associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Zylberglait and Crocchiola.
Robert Bhat, senior managing director, capital markets with MMCC in Miami, arranged financing on behalf of the borrower, “Car dealerships can be a challenging product to finance, however we were still able to source 90% loan to value with a 6.08% interest rate given the borrower experience and location.”
The Ride4U dealership is located at 747 N State Rd 7 in Plantation just 1.2 miles away from Florida’s Turnpike on a major auto dealership corridor. The lot size is 1.7 acres and can accommodate approximately 250 cars between the showroom and service department. The building measures approximately 9,000 square feet which includes the showroom and back office.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.