Vernon Krause Acquires Three Dealerships In Lee County For $110M
2201 Northeast Pine Island Road, 13985 South Tamiami Trail & 13921 South Tamiami Trail
$110,000,000
Building Size
—
Asset Type
Retail
Closing
Feb 2, 2024
About this deal
AI
Vernon Krause, owner of Krause Auto Group, has acquired three dealerships in Lee County, Florida, for over $110 million. This acquisition brings Krause Auto Group's total number of rooftops to 23. The dealerships include a Genesis dealership and two Nissan dealerships. The top-performing Fort Myers Nissan dealership will be renovated, and the Genesis store will be relocated. As part of the deal, Mike Spinazze, the general manager, will become a 40% minority partner in the Nissan stores.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $110,000,000
- Address: 2201 Northeast Pine Island Road, 13985 & 13921 South Tamiami Trail
- Market: Cape Coral & Fort Myers
The acquisition was facilitated by broker Mike Sims from Pinnacle Mergers & Acquisitions, who represented Vernon Krause and Krause Auto Group in the transaction.
On the Map
$110,000,000
Retail
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Cape Coral Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93