Dream Motor Group made a turbo-charged joyride into South Florida’s commercial real estate market with a combined $150 million acquisition of four properties in Miami-Dade County.
Affiliates of Birmingham, Alabama-based Dream Motor bought the former police headquarters building in Coral Gables for $45 million, an auto body repair shop in Cutler Bay for $5 million and two Mercedes-Benz dealerships in both cities for $100 million, according to records and Vizzda.
The buyer obtained a combined $200 million in financing from Mercedes-Benz Financial Services and the seller of all four properties, Coral Gables-based Ussery Automotive Group.
Here is a breakdown of the properties:
- In 1986, a Ussery affiliate acquired a 1.6-acre property at 310 Sevilla Avenue for $5.7 million, records show. Six years later, Ussery built the 143,716-square-foot Mercedes Benz dealership.
- In 2006, a Ussery affiliate bought a 2.1-acre site at 19191 Southwest 108th Avenue in Cutler Bay for $2.6 million, records show. The same year, the company completed a 22,650-square-foot collision center.
- In 2008, a Ussery affiliate developed the 150,428-square-foot Mercedes-Benz dealership at 10701 Southwest 211th Street in Cutler Bay. The property’s previous sale records were not available.
- In 2021, a Ussery affiliate paid $16.7 million for the five-story, 190,678-square-foot building at 2801 Salzedo Street that was the Coral Gables Police administrative headquarters.
Dream Motor, led by CEO Joe Agresti, has five other Mercedes-Benz dealerships in Alabama, Louisiana and Tennessee, according to the firm’s website. The company also owns and operates an Infiniti dealership in Alabama.
Out-of-town automotive retailers have targeted South Florida dealerships in recent years. In June, Tampa-based Morgan Auto Group paid $42 million for Al Hendrickson Toyota, a Coconut Creek dealership on two adjacent properties spanning five buildings.
Last year, Medford, Oregon-based Lithia & Driveway bought six auto dealerships in Miami-Dade for a combined $96 million. In 2021, Lithia also purchased two Audi dealership complexes in Fort Lauderdale and Coral Springs for a combined $43 million.