The Real Deal Miami

Auto trader pays $5.4M for Homestead Ford dealership

Previous owners sold property at $100,000 loss

April 25, 2016 12:45PM
By Sean Stewart-Muniz

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1145 North Homestead Boulevard

1145 North Homestead Boulevard

Lorenzo Llerena, a Weston investor and former co-owner of a Chevrolet dealership in South Miami, just paid $5.4 million for a Homestead Ford franchise.

Llerena, operating through his company Lorenzo Enterprises Corp., bought the 21,908-square-foot dealership through a deal that closed last week.

The deed included four parcels: the dealership itself at 1145 North Homestead Boulevard, which was built in 1965 on just under 4 acres, plus about 3.5 acres of parking lots surrounding the building. He financed his company’s purchase with a $4.59 million loan from Ally Bank, which has a final payment due on May 1, 2023.

Llerena bought the property from former owners William J. Armstrong and Valerie P. Seivwright, who themselves paid $5.5 million for the dealership in 2012.

Before this deal, Llerena was the co-owner of Lorenzo-Bomnin Chevrolet, a car dealership at 8455 South Dixie Highway near Dadeland Mall. According to his LinkedIn page, he was an owner there for five years until parting ways with partner Arnaldo Bomnin.