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South Florida

Racetrac Petroleum buys dealership for about $3M

Lehman Toyota
Lehman Toyota

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.

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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

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International Real Estate