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Morgan Auto Adds Hollywood Kia to South Florida Portfolio

Morgan Auto Group has expanded its South Florida portfolio by acquiring a high-performance Kia dealership in Broward County. As a result, Tampa-based Morgan Auto is now Florida's largest auto dealership, with 77 dealerships statewide.

A Morgan Auto subsidiary paid $22.5 million for Hollywood Kia at 1640 South State Road 7 in Hollywood, according to real estate records and database Vizzda.

Haig Partners, a Fort Lauderdale-based auto dealership brokerage firm, represented the seller, an entity managed by auto dealer Joe Levy, according to a news release. The Levys entity paid $933,000 for the 2.7-acre site in 2000, records show. The parking lot and two buildings were completed in 1977.

Hollywood Kia ranks second in sales volume among all Kia dealerships in the United States since 2022, the release said.

Last year, Morgan Auto acquired Al Hendrickson Toyota in Coconut Creek. The $42 million purchase was for two adjacent properties spanning 20.3 acres and five buildings completed in 1988 and 1989, records show.

Morgan Auto also has two Hyundai and Genesis dealerships in Kendall, an unincorporated neighborhood in southwest Miami-Dade County.

The first half of the year was marked by a slight increase in transactions at car dealerships. In March, CarMax paid $16 million for 24 acres of vacant industrial land in Jupiter. A company spokesperson said CarMax would likely use the site for vehicle auctions.

The same month, Raleigh, North Carolina-based Johnson Automotive Dealership Group acquired a redevelopment site in Miami's Edgewater neighborhood for $25 million. Johnson Automotive plans to convert an existing Staples store into a Kia dealership.

And in January, Hollywood-based Craig Zinn Automotive Group purchased an 8.3-acre property in southwest Miami-Dade County for $23.5 million. The site has county approval for a two-story automotive retail building spanning nearly 76,000 square feet and 580 parking spaces.

Sources

1/ https://Google.com/

2/ https://therealdeal.com/miami/2024/06/07/morgan-auto-adds-hollywood-kia-to-south-florida-portfolio/

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