Toyota car dealer picks up Sunshine Kia of Miami site for $6M

The property sold for $55 psf

Sep.September 18, 2019 01:30 PM
Sunshine Kia of Miami (Credit: Google Maps)

Sunshine Kia of Miami (Credit: Google Maps)

The Sunshine Kia of Miami property site sold for $6.4 million.

SAG Realty sold the 117,074-square-foot property at 17120 South Dixie Highway for $55 per square foot to a company tied to Mario J.T. Benedetti of South Dade Toyota, records show.

Benedetti secured a $4.9 million loan from Ally Bank, according to records.

SAG Realty, which is led by Rod Rifai of Performance Automotive Group, bought the property in 2008 for $5 million.

The car dealership, which is between Palmetto Bay and Cutler Bay, was built in 1987. The sales office and building on the property totals 15,798 square feet.

Benedetti is the CEO and dealer principal at South Dade Toyota at 29330 South Dixie Highway.

Car dealerships are becoming more valuable in South Florida as land becomes more scarce. In November, bought a former Nissan dealership in Delray Beach from AutoNation for $11 million. In January 2018, automobile titan Terry Taylor bought an auto dealership in Royal Palm Beach for $44.7 million.

Related Articles

Lennar Corp. Executive Chairman Stuart Miller and an aerial view of 10350 Southwest 232nd Street (Credit: Google Maps)

Lennar buys 58 acres near Cutler Bay amid land buying spree

Coral Rock Development principals sell Wawa site in Cutler Bay

Midtown Miami developer buys former Toys “R” Us in Cutler Bay

Estate Investments scores loan for Palmetto Bay apartments; may market as Opportunity Zone play

Special servicing applied to $67.5M loan secured by Southland Mall in Cutler Bay

Apartment investors buy former defunct condo development in Cutler Bay

Chinese investor picks up another South Florida property

New Jersey investor pays $14M for affordable housing complex in Cutler Bay