Automobile titan Terry Taylor just picked up a massive auto dealership in Royal Palm Beach for $44.7 million, property records show.
The dealership at 9405, 9305 and 9205 Southern Boulevard contains three buildings that total 94,280 square feet. The deal breaks down to about $475 per square foot.
Taylor’s privately-held West Palm Beach-based Automotive Management Services Inc. is one of the nation’s largest holders of Nissan and Infiniti dealerships, according to Automotive News.
Records show TT of N. Royal Palm Inc., managed by Taylor, paid $11.7 million for the warehouse at 9405 Southern Boulevard, and TT of M. Royal Palm Inc. paid $10 million for the warehouse at 9305 Southern Boulevard. TT of T. Royal Palm Inc., also linked to Taylor, bought the third warehouse at 9205 Southern Boulevard for $23 million.
Penske Automotive Group is the seller. The Bloomfield Hills, Michigan-based auto dealership company operates automotive and commercial truck dealerships in the United States, Canada and Western Europe, according to its website. Records show Penske built the warehouses through three separate affiliates in 2008. Previous sale information was not available online.
Records show Taylor secured $38.2 million in loans from three different lenders, including $10.2 million in financing from Nissan Motor Acceptance Corp., $8.5 million from Bank of America, and $19.5 million from World Omni Financial Corp.
The dealership sits on 23 acres of land just west of Sunshine Road and north of Southern Boulevard.
Last year, Taylor paid $25 million for a penthouse at Gil Dezer’s Porsche Design Tower in Sunny Isles Beach.