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South Florida

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

The property sold for $55 psf

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.

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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, HGreg.com 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.

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Cutler BayDowntown Miami