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Morgan Auto Group buys Brandon Honda property


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  • | 2:41 p.m. October 7, 2011
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  • Tampa Bay-Lakeland
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BUYER: Brandon Automotive Management LLC (principals: Larry and Brett Morgan), Tampa

SELLER: Brandon Motor Co.

PROPERTY: 9209 E. Adamo Drive and an additional 0.78-acre portion of East Adamo Drive, Tampa

PRICE: $15.5 million

PREVIOUS PRICE: $5.02 million, June 2007

LAW FIRM ON DEED: Shutts & Bowen LLP, Orlando

PLANS, DESCRIPTION: The Morgan Auto Group acquired 7.03 acres of real estate from Brandon Honda for $15.5 million as part of its acquisition of the dealership from the Scott-McRae Group.

The price equated to $2.2 million per acre.

The property houses a 28,750-square-foot auto dealership building that was originally constructed in 1992.

The acquisition of Brandon Honda brings Morgan Auto Group's auto dealership holdings to 12. Those dealerships include Honda of Ocala, Honda of Gainesville, Toyota of Tampa Bay, Scion of Tampa Bay, BMW of Sarasota, Wade Raulerson Buick GMC in Gainesville, Wesley Chapel Mini, Gainesville Mitsubishi, Lamborghini Sarasota, Ford of Port Richey and Port Richey Mitsubishi.

The Jacksonville-based Scott-McRae Group owns nine automotive dealerships — Duval Ford, Duval Honda, Duval Acura and Duval Mazda at the Avenues in Jacksonville, Mercedes-Benz of Gainesville, Subaru of Gainesville, Tampa Honda Land, Countryside Ford and Countryside Mazda in Clearwater — and the national automotive finance company AutoCredit. It also owns the advertising agency Scott-McRae Advertising and Dana Safety Supply, a chain of safety supply stores.

 

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