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Morgan Automotive Group Acquires Al Hendrickson Toyota In $42M Deal
SOLD
$42,000,000
Florida
See Similar DealsRetail537,452 SF
Sold 06/21/2023
SOLD
Morgan Automotive Group Acquires Al Hendrickson Toyota In $42M Deal
5201 W Sample Rd Coconut Creek, FL 33073, USA
See Similar DealsRetail537,452 SF
Sold 06/21/2023
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$78
Total Square Footage:537,452 SF
Transaction Type:Sale
The Morgan Automotive Group, led by Larry and Brett Morgan, has acquired Al Hendrickson Toyota in Coconut Creek, South Florida. The deal was facilitated by Haig Partners. The property, located at 5201 West Sample Road, is a retail asset with a total square footage of 537,452. The transaction was closed with a sale price of $42,000,000, resulting in a price per square foot of $78.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $42,000,000
- Square Footage: 537,452
- Address: 5201 West Sample Road, Coconut Creek
- Market: Coconut Creek
The acquisition of Al Hendrickson Toyota marks a significant expansion for the Morgan Automotive Group, making them the largest dealership group in Florida with a portfolio of 67 stores. This strategic move solidifies their position in the South Florida market.
NOTE: With the purchase of Al Hendrickson Toyota, Morgan Automotive Group further strengthens its presence in the South Florida automotive industry. The deal was successfully executed with the assistance of Haig Partners, a reputable brokerage firm.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,239,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$149,217.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$199,101.43
Annual Debt Service$2,389,217.13
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