Sienna Motors is expanding in Pompano Beach, acquiring a shuttered dealership less than a block away from its existing auto sales site for $21.9 million.
An affiliate of Sienna, led by CEO Claude Senhoreti, acquired the former home of defunct Pompano Ford Lincoln at 2714 North Federal Highway, and an adjacent retail strip plaza at 2860 Northeast 17th Avenue, records and real estate database Vizzda show. Sienna currently operates a dealership selling used classic and modern sports cars at 2891 North Federal Highway.
The buyer obtained a $14.9 million loan from the seller, an affiliate of Holman Automotive Group, a Mount Laurel, New Jersey-based car retailer led by CEO Chris Conroy.
In 1964, Holman paid $110,000 for the property at 2714 North Federal Highway, and completed the 62,436-square-foot automotive showroom and service center in 1974, records show. Holman acquired the adjacent retail building for $790,000 in 2020.
Two years later, Holman shut down the Ford Lincoln dealership, published reports state.
Holman still owns five dealership properties in Pembroke Pines and Fort Lauderdale that sell Audi, BMW, Honda, and Mini automobiles. In 2021, Holman sold a former BMW dealership in Fort Lauderdale for $5.5 million.
It’s been a busy year for car dealership trades. Earlier this month, the family of Gus Machado sold the late auto salesman’s namesake Ford dealership in Hialeah for $19.3 million. An entity managed by Gus Machado Ford Vice President Victor Benitez acquired the 5.7-acre site.
In June, Tampa-based Morgan Auto Group paid $22.5 million for Hollywood Kia, which is among the brand’s top-ranked dealerships in the nation. The acquisition of the 2.7-acre site made Morgan Auto the largest car dealership owner in Florida, with 77 dealerships across the state.
And in March, Richmond, Virginia-based CarMax paid $16 million for vacant industrial land in Jupiter that the company plans to convert into an auction lot. The same month, Raleigh, North Carolina-based Johnson Automotive Dealership Group acquired a Staples store in Miami’s Edgewater neighborhood for $25 million. The company plans to convert the retail building into a new Kia showroom and dealership.