Fast lane: Dream Motor pays $150M for two Mercedes-Benz dealerships, repair shop and office building

Birmingham, Alabama-based company acquired four properties from family-owned Ussery Automotive Group

Dream Motor Acquires Four Miami-Dade Properties For $150M
Dream Motors CEO Joe Agresti with Mercedes Benz dealership at 310 Sevilla Avenue in Coral Gables, Mercedes Benz dealership at 10701 SW 211th Street in Cutler Bay, body repair shop at 19191 SW 108th Avenue in Cutler Bay and commercial building at 2801 Salzedo Street in Coral Gables (Google Maps, LinkedIn)

Dream Motor Group made a turbo-charged joyride into South Florida’s commercial real estate market with a combined $150 million acquisition of four properties in Miami-Dade County. 

Affiliates of Birmingham, Alabama-based Dream Motor bought the former police headquarters building in Coral Gables for $45 million, an auto body repair shop in Cutler Bay for $5 million and two Mercedes-Benz dealerships in both cities for $100 million, according to records and Vizzda. 

The buyer obtained a combined $200 million in financing from Mercedes-Benz Financial Services and the seller of all four properties, Coral Gables-based Ussery Automotive Group. 

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Here is a breakdown of the properties:

  • In 1986, a Ussery affiliate acquired a 1.6-acre property at 310 Sevilla Avenue for $5.7 million, records show. Six years later, Ussery built the 143,716-square-foot Mercedes Benz dealership.
  • In 2006, a Ussery affiliate bought a 2.1-acre site at 19191 Southwest 108th Avenue in Cutler Bay for $2.6 million, records show. The same year, the company completed a 22,650-square-foot collision center. 
  • In 2008, a Ussery affiliate developed the 150,428-square-foot Mercedes-Benz dealership at 10701 Southwest 211th Street in Cutler Bay. The property’s previous sale records were not available. 
  • In 2021, a Ussery affiliate paid $16.7 million for the five-story, 190,678-square-foot building at 2801 Salzedo Street that was the Coral Gables Police administrative headquarters. 

Dream Motor, led by CEO Joe Agresti, has five other Mercedes-Benz dealerships in Alabama, Louisiana and Tennessee, according to the firm’s website. The company also owns and operates an Infiniti dealership in Alabama. 

Out-of-town automotive retailers have targeted South Florida dealerships in recent years. In June, Tampa-based Morgan Auto Group paid $42 million for Al Hendrickson Toyota, a Coconut Creek dealership on two adjacent properties spanning five buildings. 
Last year, Medford, Oregon-based Lithia & Driveway bought six auto dealerships in Miami-Dade for a combined $96 million. In 2021, Lithia also purchased two Audi dealership complexes in Fort Lauderdale and Coral Springs for a combined $43 million.