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

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.

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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.