Champion Porsche is fueling up construction of its new Pompano Beach home after nabbing a $52 million loan.
Wells Fargo Bank provided the financing to the luxury car dealership’s owner, Copans Motors, led by Mitra Maraj, records show. Copans’ general contractor, Fort Lauderdale-based Stiles Corporation, recently broke ground on the planned two-story building and a four-story garage with 370 spaces at 300 Northwest 24th Street.
Designed by Fort Lauderdale-based GBM Architecture, the project is slated for completion next year. Spanning nearly 72,000 square feet, the new building would house Champion Porsche’s showroom and offices. The city of Pompano Beach approved the project last year.
In 2014, Copans Motors paid $7.9 million for the 18-acre development site, which is adjacent to Champion Porsche’s existing sales center at 500 West Copans Road, records show. Copans Motors also owns that 3.2-acre property, which was acquired for $6.7 million in 1988.
Founded in 1988 by the late Devinder “Dave” Maraj, Champion Porsche is one of the largest dealers of the luxury car brand in the U.S., according to its website.
Car dealers across South Florida are expanding their real estate portfolios. Last month, Craig Zinn Automotive Group acquired a one-story building in Hollywood from Hope Church of Christ for $14.5 million. The building is near two Toyota dealerships owned by Hollywood-based Zinn. The car dealership plans to redevelop the church building, but Zinn has not disclosed details.
Zinn is also expanding into Miami-Dade County. Last year, the car dealer paid $23.5 million for a development site in Kendall that is approved for a two-story, 76,000-square-foot showroom with 580 parking spaces.
In October, Miami Lakes-based auto dealers Ali and Faisal Ahmed dropped $38.2 million for a 190,707-square-foot warehouse in their home city. The previous month, Sienna Motors acquired a shuttered Ford dealership and an adjacent retail strip mall in Pompano Beach. Sienna paid $21.9 million for the two properties.