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Tampa Bay Area
Business Observer Friday, Feb. 4, 2011 9 years ago

Asbury Automotive buys Courtesy dealership property

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Duluth, Ga.-based Asbury Automotive Group Inc. purchased a 15.17-acre property for $16.81 million.

BUYER: Asbury Automotive Tampa LP (principals: Asbury Automotive Jacksonville LP, Michael Kearney, Craig Monaghan, Maureen Mack, Matthew Mees and Elizabeth Chandler), Duluth, Ga.


SELLER: Jeffrey Wooley


PROPERTY: 3910 W. Crest Ave. and additional land, Tampa


PRICE: $16.81 million


PREVIOUS PRICE: $2 million, November 1981; $845,000, September 2003; $663,000, December 1986; and $325,000, September 1987


LAW FIRM ON DEED: D2 Law Group PL, Tampa


PLANS, DESCRIPTION: Duluth, Ga.-based Asbury Automotive Group Inc. purchased a 15.17-acre property for $16.81 million. The price equated to $1.11 million per acre.


The site, occupied by Asbury's Courtesy Nissan of Tampa, Courtesy Hyundai and Smart Center Tampa dealerships, feature four metal buildings with 45,180 square feet. The property also has four sales buildings with 34,660 square feet and two repair buildings with 38,000 square feet. The auto dealership chain has leased the property for several years.


“We had an opportunity to purchase the property, and it's part of our long-term real estate strategy to own our real estate if possible,” says George Karolis, vice president of corporate development and real estate for Asbury Automotive Group.


Asbury Automotive has spent heavily in Tampa on real estate recently. It purchased the 27,647-square-foot Brandon Buick Dealership property for $2.8 million in October, for instance, and in November it purchased the Brandon Suzuki dealership property for $2 million. The company also recently started construction on a dealership building for Mercedes Benz of Tampa.

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