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Somoano had previously leased the land to the seller, the family of the late Gus Machado, another car tycoon.
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Luis Somoano paid $20 million for his Ford dealership land in Kendall.
An entity managed by Somoano acquired 7. 3 acres at 15555 South Dixie Highway, according to records and Vizzda.
The dealerships are two entities run by Lilliam Machado, widow of defaulter Gus Machado, owner of a Miami-Dade car dealership who died last year. In 2009, Machado’s entities paid $13. 6 million for the property, which includes a 68,225-square-foot concession. completed in 1968, according to records.
In 2019, Somoano bought the Ford dealership from Machado, but also the real estate. Samoano also owns a Lincoln Mercury dealership in Doral.
Auto retail has been revitalized this summer.
Last month, Dream Motor Group lost $150 million for a portfolio of 3 automotive-related homes and a former city-run construction in Miami-Dade County. The Birmingham, Alabama-based car dealership paid $45 million for the former police headquarters in Coral Gables and $5 million for a picture repair shop in Cutler Bay. Dream Motor also acquired two Mercedes-Benz dealerships in both cities for $100 million.
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The seller, Coral Gables-based Ussery Automotive Group, and lender Mercedes-Benz Financial Services Dream Motor with $200 million in financing.
In June, Tampa-based Morgan Auto Group expanded its portfolio in South Florida by buying Al Hendrickson Toyota in Coconut Creek for $42 million. Morgan secured a $113 million loan from Bank of America to buy the Toyota dealership and a car dealership in Fort Myers.
Morgan also owns two dealerships in Kendall that promote Hyundai and Genesis cars.
Last year, Oregon-based Lithia Motors bolstered its real estate portfolio in the tri-county area. Lithia paid a total of $96 million for six car dealership complexes in Doral, Miami Gardens and Florida City. The company also purchased a commercial building near one of Doral’s homes for $28. 5 million.
In 2021, Lithia will award two resorts in Coral Springs and Fort Lauderdale for a total of $43 million.