Schumacher Auto Group buys Delray dealer site for $16M

Buyer financed the deal with a $20M loan

Oct.October 16, 2015 03:00 PM

Shifting gears into a new market, West Palm Beach-based Schumacher Auto Group paid $16 million for a nearly 14-acre property in Delray Beach, county records show.

Delray Motors Inc., formerly Delray Lincoln Mercury, sold the dealership off of South Federal Highway and south of East Linton Boulevard.

The Delray Beach dealership, at 1835 Old Dixie Highway, was developed in 1961, according to Palm Beach County property records. Chrysler, Dodge, Jeep and Ram are all located at the former Delray Motors site, as well as Lincoln of Delray.

Schumacher has nine locations in West Palm Beach and North Palm Beach, according to the company’s website. The auto dealer financed the deal with a $20.49 million mortgage from Ally Bank.

Timothy, Bruce and Lisa Young owned and ran the dealership under Delray Motors Inc. Previous sales information for the property was not available in county records.

Related Articles

Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices

Atlantic Crossing and Pearlmark's Mark Whitt

Delray Beach’s Atlantic Crossing snags $45M investment

Midtown Delray Beach rendering

Pebb Capital to buy Midtown Delray site for $40M after original owners end dispute

The Residences at Latitude Delray Beach and Marlena Demenus (Credit: LinkedIn)

Private equity firm pays $15M for Delray Beach apartments

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

13th Floor scores $22M loan to redevelop golf course in west Delray Beach