Michael Dezer pays $3.6M for place to store his cars in Fort Lauderdale

Miami /
May.May 03, 2016 08:45 AM

What happens when you run out of storage for your luxury cars? Buy more, of course.

Developer Michael Dezer, whose firm Dezer Development is known for its luxe high-rise condos, just paid $3.6 million for a warehouse in Fort Lauderdale that will eventually house more of his cars.

The deal, announced by brokerage Cushman & Wakefield, includes a 55,110-square-foot industrial showroom at 5320 North Powerline Road, occupied by the Dirt Cheap store that sells everything from furniture to electronics wholesale.

Dezer already owns the much larger 310,000-square-foot building next door that houses Xtreme Indoor Karting, where his son Gil Dezer recently hosted a Go-Kart race to commemorate the upcoming opening of the family’s Porsche Design Tower.

A representative for Dezer Development told The Real Deal that Michael Dezer needed more space to put his cars, so that’s what the family bought this warehouse for.

For this most recent deal, Dezer paid about $65 per foot for the showroom. The seller was the Easton Group, a Miami-based commercial firm that bought the warehouse for $2.1 million in 2013, according to county records.

Richard F. Etner, Christopher Metzger, Christopher Thomson andMatthew G. McAllister of Cushman & Wakefield brokered the deal on behalf of Easton.

“The Easton Group did a tremendous job positioning this asset for disposition,” Etner said in his firm’s announcement of the sale. “Their efforts provided Dezer with the opportunity to acquire a high-performance asset with a tenant in place in one of South Florida’s strongest industrial submarkets.”


Related Articles

arrow_forward_ios
Rendering of 160 Marina Bay with Fortune CEO Edgardo Defortuna and Ron Krongold (160 Marina Bay)
Midtown Miami developer launches waterfront Fort Lauderdale condo project
Midtown Miami developer launches waterfront Fort Lauderdale condo project
Glenn C. Rice and 2700 Aqua Vista Boulevard, Fort Lauderdale (Linkedin, Google Maps)
Pharma exec sells Fort Lauderdale waterfront mansion for nearly $13M
Pharma exec sells Fort Lauderdale waterfront mansion for nearly $13M
(iStock)
South Florida resi sales jump in Q4: Elliman
South Florida resi sales jump in Q4: Elliman
Gil Dezer and renderings of the project (Renderings via Zyscovich Architects)
Neighbors sue to overturn approval of Dezer’s mega project in North Miami Beach
Neighbors sue to overturn approval of Dezer’s mega project in North Miami Beach
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
David Cassidy and 1600 South Ocean Drive in Fort Lauderdale (Getty)
David Cassidy’s former Fort Lauderdale home sells
David Cassidy’s former Fort Lauderdale home sells
ICM CEO Bruce Timm and HS Capital Fund CEO Harry Spitzer with 1901 West Cypress Creek Road, Fort Lauderdale (Google Maps)
HS Capital buys Fort Lauderdale office building for $18M
HS Capital buys Fort Lauderdale office building for $18M
Orianne Collins and 34 Isla Bahia Drive (Getty, Google Maps)
Phil Collins’ ex-wife buys waterfront Fort Lauderdale mansion amid legal battle
Phil Collins’ ex-wife buys waterfront Fort Lauderdale mansion amid legal battle
arrow_forward_ios

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

Loading...