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BUYER: Precision Motorcars Inc. (principals: Michael Kearney, Keith Style, Craig Monaghan, Matthew Mees, Mauree Mack and Elizabeth Chandler), Duluth, Ga.
SELLER: Frank Morsani
PROPERTY: 4600 N. Dale Mabry Highway and 3809 and 3901 W. Alva St. and 3906 W. Alva and Church St. Ave., Tampa
PRICE: $6 million
PREVIOUS PRICE: $250,000, January 1975 and $175,000, July 1989
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa
PLANS, DESCRIPTION: Duluth, Ga.-based Auto dealership chain Asbury Automotive Group purchased the 25,000-square-foot Infiniti of Tampa sales and service center property for $6 million.
The price equated to $240 per square foot.
Asbury Automotive Group's Tampa Bay company Courtesy Automotive Group already operates the Infiniti dealership and had been leasing it.
The new owner plans to demolish a majority of the existing building to rebuild a larger, more efficient facility, according to Melissa Corey, manager of public relations and communications for Asbury. The dealership group has hired RL Haines Construction LLC of Oviedo as the general contractor.
One of the largest automotive companies in the United States, Asbury operates 77 retail stores selling 29 different brands. Courtesy Automotive Group has nine dealership locations in Tampa Bay.
The purchase entity Precision Motorcars Inc. mortgaged the property to the seller Frank Morsani for $4.5 million.
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