The Real Deal Miami

CarMax buys dev site in Royal Palm Beach

West Palm car dealer is making less than $900k on the sale
By Keith Larsen | June 01, 2018 04:45PM

Royal Palm Beach Village and CarMax

CarMax just purchased a 13.4-acre development site in Royal Palm Beach from a West Palm Beach car dealer for $7.5 million, paving the way for a future dealership.

CarMax, the largest used car dealer in the world, was looking to buy the land off of South Road 80 and 105th Avenue North since at least early May, when it submitted a zoning request to Royal Palm’s Village council meeting, according to published reports.

Property records show Charles Schumacher, who owns a family of car dealerships including Schumacher Buick GMC West Palm Beach, sold the plot of land to CarMax. He paid $6.62 million for the land back in 2004 through a company called Solstice LLC. The sale gives the car dealer a profit of about $879,000.

CarMax has 18 locations in Florida, but only two in Palm Beach County with one Boynton Beach and one recently opened up in Jensen Beach. The Richmond, Virginia-based company operates more than 190 stores in 41 states.