Updated Oct 29, 2024
Dream Motor Group Acquires Four Miami-Dade Properties For $150M
310 Sevilla Avenue
$150,000,000
$295/SF
Building Size
507,472 SF
Asset Type
Commercial
Closing
Aug 9, 2023
About this deal
AI
Dream Motor Group, based in Alabama, has purchased four properties in Miami-Dade County for $150 million. The properties include a former police headquarters building, an auto body repair shop, and two Mercedes-Benz dealerships. The total square footage of the properties is 507,472 square feet, with an average price per square foot of $296. The properties are located at 310 Sevilla Avenue, 10701 SW 211th Street, 19191 SW 108th Avenue, and 2801 Salzedo Street in the markets of Coral Gables and Cutler Bay.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $150,000,000
- Buyer: Dream Motor Group - Joe Agresti
- Seller: Ussery Automotive Group
- Financing: $200 million financing arrangement with Mercedes-Benz Financial Services
Dream Motor Group, led by Joe Agresti, has acquired these properties through a financing arrangement with Mercedes-Benz Financial Services. The seller, Ussery Automotive Group, completed the sale of the properties to Dream Motor Group. This acquisition adds to Dream Motor Group's portfolio and expands their presence in Miami-Dade County.
On the Map
$150,000,000
$295/SF
Commercial
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93