A boat and water sports products store paid $5.5 million for a former Fort Lauderdale car dealership.
Nautical Ventures Marine bought the 12,000-square-foot, two-story building at 1400 South Federal Highway, according to records. The building, formerly Lauderdale BMW, was constructed in 1990.
The seller is Holman Automotive, which has 40 dealership franchises representing 20 brands from the East Coast to the Pacific Northwest. Holman is based in Mount Laurel, New Jersey, and led by Brian Bates.
Stephen Hyatt of Berger Commercial Realty/Corfac International represented the seller, according to a press release. Keith R. Graves of Berger Commercial Realty represented the buyer.
An online listing shows an asking price of $6.5 million for the building.
Nautical Ventures offers boats, kayaks and other water sport products. It is led by Roger Moore. The company plans to relocate a marine store from Dania Beach. The Fort Lauderdale building will include a boat dealership and showroom.
South Florida car dealerships have proven enticing for real estate investors. Last year, Pebb Enterprises sold a 23,000-square-foot Tesla dealership in West Palm Beach for $12.87 million. In September, the family office of two Maryland billionaires paid $90.5 million for car dealerships in Margate, Tamarac and West Palm Beach.