- August 30, 2013
BUYER: TT of Cypress Inc. (principals: Terry Taylor, Stephen Terry and Nancy Cera), West Palm Beach
SELLER: Infiniti of Ft. Myers LLC
PROPERTY: 14990 S. Tamiami Trail, Fort Myers
PRICE: $8.5 million
PREVIOUS PRICE: $3.5 million, July 2006
LAW FIRM ON DEED: Shutts & Bowen LLP, Orlando
PLANS, DESCRIPTION: Automotive Management Services Inc. purchased the business and real estate of Infiniti of Fort Myers. The West Palm Beach-based dealership group purchased the 27,771-square-foot dealership building on a 3.92-acre parcel for $8.5 million.
The price equated to $306 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.
The new owner has since renamed the dealership Fort Myers Infiniti, according to Blair White, managing partner of the dealership's new ownership.
“We were attracted to a store with a brand that's up and coming,” White says. “Infiniti has committed to creating six new [vehicle] models over the next three years and one new model in July. Southwest Florida is really booming right now with things like Hertz moving its headquarters here.”
The dealership building was constructed in 2009.
Automotive Management Services owns and operates a number of dealerships in Southwest Florida, including Germain Acura of Naples.
The purchase entity TT of Cypress Inc. mortgaged the property to Wells Fargo Bank NA for $7.5 million.