Significant Land Acquisition in Kendall by Craig Zinn Auto Group

Craig Zinn Automotive Group has recently completed a significant acquisition, investing $23.5 million in a prime development site in Kendall, South Florida. The 8.3-acre property, located at 15200 Southwest 136th Street, is now under the ownership of the Hollywood-based car dealer following the completion of the transaction, according to records and Vizzda.

The obtained site comes with approval for a two-story auto retail building covering nearly 76,000 square feet and 580 parking spaces, as indicated in the records. The seller of the property is confirmed to be an entity managed by Ben Joannou Sr. in Miami, who initially acquired the land for $4.1 million back in 2015, based on official records.

Craig Zinn Automotive Group, named after its CEO, operates five dealerships across South Florida: Toyota of Hollywood, Lexus of North Miami, Lexus of Pembroke Pines, Acura of Pembroke Pines, and Subaru of Pembroke Pines. This recent transaction further solidifies the group’s presence and expansion in the region.

In addition to this acquisition, Craig Zinn’s strategic move also involves the leasing of a 14-acre property at Miami Executive Airport from Miami-Dade County. The county commission approved a 30-year lease agreement, along with two five-year renewal options, allowing Craig Zinn to construct a $15 million Subaru dealership and other related facilities.

Throughout an 18-month due diligence phase, Craig Zinn has committed to paying Miami-Dade $135,000 in rent. Subsequently, the first year of the lease will see a payment of $1.5 million from Craig Zinn, with the rent subject to 2 percent increments in the second year, and further adjustments every five years based on appraisals, in accordance with the official memo from Miami-Dade.

According to the same memo, Miami-Dade stands to gain approximately $77 million by the end of the 30-year lease term, underscoring the substantial financial impact of this agreement.

This high-profile acquisition contributes to the recent trend of automobile retailers’ keen interest in expanding their footprint in South Miami-Dade. Notably, the Birmingham-based Dream Motor Group made a significant $150 million portfolio purchase in the region, which included a Mercedes-Benz dealership and an auto body repair shop in Cutler Bay, as well as a Mercedes-Benz dealership and former city government office building in Coral Gables.

Furthermore, Miami’s own auto magnate, Luis Somoano, secured the land beneath his 7.3-acre Ford dealership in Kendall with a hefty $20 million investment last year. The trend extends beyond South Florida, with the Tampa-based Morgan Auto Group venturing into Broward County through the acquisition of Al Hendrickson Toyota in Coconut Creek for a substantial $42 million.

The automotive industry’s continued interest in strategic land acquisitions and expansions remains a testament to the region’s economic vibrancy and growth potential. Craig Zinn Automotive Group’s latest move cements its position as a key player, demonstrating its commitment to further bolstering its presence in South Florida’s competitive automotive market.