Racetrac Petroleum buys dealership for about $3M

Miami /
Jul.July 11, 2013 03:00 PM

Racetrac Petroleum purchased the three-acre Lehman Toyota car dealership site in Miami Lakes for nearly $3 million, according to a Colliers International release.

The 134,165-square-foot site at 19100 and 19200 NW Second Ave. will likely be converted into a gas station.

Michael T. Fay, chairman and founding partner of Colliers International South Florida, and Xavier Cossard, national director of the Colliers Automotive Retail Services (CARS) Group, represented the seller, Kimco Autofund LP, in the transaction.

“This transaction involves a user serving as a developer to gain market share,” Cossard told the South Florida Business Journal. “Despite only needing approximately two acres to build a gas station, RaceTrac went ahead and purchased the three-acre site, and will ultimately spin-off the surplus acre to another user.”

Cossard and Fay lead Colliers Automotive Retail Services, a national group within Colliers and the only major full-service real estate firm that specializes in auto dealerships. The group has been involved in more than $500 million in transactions since it was founded in 2004, according to the release. –Emily Schmall


Related Articles

arrow_forward_ios
One Sotheby’s names SVP of marketing
One Sotheby’s names SVP of marketing
One Sotheby’s names SVP of marketing
Karen Elmir, Camilo Franco, and Caitlyn Henderson
Movers & Shakers: Elmir Group launches CRE division, Pablo Alfaro team grows
Movers & Shakers: Elmir Group launches CRE division, Pablo Alfaro team grows
Sawgrass International Corporate Park
Brookdale buys back Sawgrass Park portfolio for $80M
Brookdale buys back Sawgrass Park portfolio for $80M
Paseo de la Riviera and Industrious CEO Jamie Hodari  
Industrious to open at Paseo de la Riviera in Coral Gables
Industrious to open at Paseo de la Riviera in Coral Gables
Daniel Crann and Timothy Peterson (Credit: iStock)
Movers & Shakers: Colliers taps development services head, Altman promotes COO & more
Movers & Shakers: Colliers taps development services head, Altman promotes COO & more
Steven Hurwitz and Doug Okun
Former CREC brokers join JLL as managing directors
Former CREC brokers join JLL as managing directors
Alirio Torrealba and Daniel de la Vega with Biltmore Square
One Sotheby’s takes over remaining sales of Coral Gables boutique projects from Fortune Realty
One Sotheby’s takes over remaining sales of Coral Gables boutique projects from Fortune Realty
AC Hotels by Marriott in Fort Lauderdale and Inigo Ardid
Key International scores construction loan for new Fort Lauderdale Beach hotel
Key International scores construction loan for new Fort Lauderdale Beach hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...