Kia Enters Downtown Miami with $25M Property Acquisition

A North Carolina auto dealer, Johnson Automotive, is poised to expand its footprint into South Florida with the acquisition of a property just north of downtown Miami for $25 million. This move signifies the company's first venture into the region.

Acquisition Details

Sikka Investments LLC, managed by Shirin and Barkat A. Daredia of Plano, Texas, sold the one-acre property located at 2121 Biscayne Blvd. to an affiliate of Johnson Automotive. The transaction was facilitated by Rani Hussami of Apex Capital Realty, who assisted Johnson Automotive in securing its inaugural Miami location. The property currently houses a 21,501-square-foot retail building, accommodating a Staples office supply store.

Redevelopment Plans

Johnson Automotive plans to redevelop the property into a dealership, specifically Johnson Kia of Downtown Miami. This initiative will mark the fourth Kia dealership in Miami-Dade County, complementing the existing locations in Doral, Miami Lakes, and Cutler Bay, which are notably distant from downtown.

Company Profile

Johnson Automotive boasts a diverse portfolio, encompassing Kia, Honda, Subaru, Lexus, Volvo, Hyundai/Genesis, Maserati, and Alfa Romeo dealerships across North Carolina, Maryland, and Florida. Notably, its sole Florida presence until now was Johnson Honda of Stuart.

Financial Implications

The property's sale represents a substantial increase in value since its last transaction in early 2022, where it was purchased for $20.05 million. This notable appreciation underscores the attractiveness of the investment opportunity for Johnson Automotive.