Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M

Buyer is the investment firm of Maryland billionaire cousins Jim Davis and Steve Bosciotti

Miami /
Sep.September 25, 2020 05:30 PM
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

UPDATED, Sept. 30, 8:50 a.m.: The family office of two Maryland billionaires paid $90.5 million for car dealerships in Margate, Tamarac and West Palm Beach that were owned by Arrigo Automotive Group.

A company tied to Hanover, Maryland-based Redwood Capital Investments paid $34.5 million for the Tamarac Dodge, Chrysler, Jeep and Ram dealership at 5901 Madison Avenue in Tamarac.

Redwood also paid $30 million for the Arrigo West Palm Beach dealership at 6500 Okeechobee Boulevard.

Redwood Capital Investments shares an address with Allegis Group, one of the largest staffing firms in the U.S., founded by cousins Jim Davis and Steve Bisciotti. Multiple media reports identify Redwood as the cousins’ investment firm. Bisciotti is also the owner of the Baltimore Ravens National Football League team.

Redwood Capital’s purchase also includes $26 million for the Chrysler, Dodge, Ram and Jeep dealership at 2250 North State Road 7 in Margate, the nearby repair shop at 5410 Northwest 24th Street and a parking lot adjacent to the two properties. The properties were built between 1979 and 1998, according to records.

Arrigo had paid $18 million for the Tamarac site in 2008 and $20.4 million for the Margate properties in 2016, records show.

Allegis had $13.4 billion in revenue in 2018, according to Forbes. The publication pegs Bisciotti’s net worth at $4.6 billion and Davis’ net worth at $3.4 billion.

The car dealerships in Margate, Tamarac and West Palm aren’t the only ones to sell in South Florida despite Covid-19’s impact on auto sales. Earlier this month, Off Lease Only, the used car dealership, sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal. 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.


Related Articles

arrow_forward_ios
Azola West Palm Beach and ZOM Living CEO Greg West (Google Maps, iStock)
ZOM sells West Palm Beach apartments for $48M
ZOM sells West Palm Beach apartments for $48M
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Phillips Point office towers with Related’s Stephen Ross (JLL, Getty)
Here’s what tenants are paying at Related Companies’ Phillips Point in West Palm
Here’s what tenants are paying at Related Companies’ Phillips Point in West Palm
Great Gulf CEO Ilias Konstantopoulos with a rendering of the development at 1515 South Flagler Drive (Great Gulf)
La Clara condo project in WPB scores $110M construction loan
La Clara condo project in WPB scores $110M construction loan
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Blink’s Michael Farkas and Lionstone’s Diego Lowenstein with 605 Lincoln Road (Google Maps)
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
5040 Northwest Seventh Street (Google Maps, iStock)
Northeast Capital pays $15M for Miami office building
Northeast Capital pays $15M for Miami office building
Jon Paul Pérez and Jorge Pérez with renderings of One Island Park (Related)
Related wins Miami Beach board approval for office project on Terminal Island
Related wins Miami Beach board approval for office project on Terminal Island
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...