Off Lease Only sells two South Florida locations for $50M

Spirit Realty, a REIT, bought the sites in Fort Lauderdale and West Palm for $27.5M and $22M, respectively

Miami /
Sep.September 18, 2020 09:45 AM
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only, the used car dealership, sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal.

Records show Off Lease Only Real Estate Holdings LLC sold both properties to Spirit Realty L.P. The Fort Lauderdale site at 827 South SR 7 sold for $27.5 million, and the West Palm property at 1200 South Congress Avenue sold for $22 million.

Dallas-based Spirit Realty is one of the largest publicly traded triple net-lease real estate investment trusts, according to its website.

Off Lease Only had purchased the West Palm Beach property for $3 million in 2013, then transferred ownership to Off Lease Only Real Estate Holdings LLC in 2019, records show. The company bought the Fort Lauderdale location for $7.5 million in 2015, and also transferred ownership the same year.

The Fort Lauderdale property totals 42,792 square feet, featuring five separate buildings: two auto parts and service buildings and three showrooms and offices. The West Palm property spans 49,592 square feet.

Off Lease Only was founded in 1992 in Long Island, New York. The company moved to South Florida in 1997, according to its website.

A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park in Opa-locka, including 15-acres occupied by Off Lease Only, for $126 million in October.

In July, a New Jersey auto dealer paid $21 million for the properties housing Honda of Aventura and Aventura Chrysler Jeep Dodge Ram dealerships in North Miami Beach.

In November, HGreg acquired a Nissan dealership in Palmetto Bay from AutoNation for $75 million.





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