The Real Deal Miami

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

Dezer also owns Go-Kart race track next door
By Sean Stewart-Muniz | May 03, 2016 08:45AM

5320 North Powerline Road (Inset: Michael Dezer)

5320 North Powerline Road (Inset: Michael Dezer)

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.”