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New Porsche West Broward dealership lands $19M loan

New Porsche West Broward dealership lands $19M loan
60,000 sf development will include two-story dealership and car wash/service building
March 30, 2016 11:15AMBy Katherine Kallergis

Renderings of the Porsche West Broward dealership

The new Porsche West Broward dealership in Davie closed on $19.4 million in financing – enough to buy about 412 Porsche Boxsters at sticker price. 
Broward County records show Toyota Motor Credit Corp. is the lender. The loan covers the 7.2-acre site at 4641 Southwest 148th Avenue. An affiliate of Penske Automotive Group is less than a week away from opening its new dealership, according to its website. When it opens, the 60,000-square-foot development will include a detached fuel tank, car wash and service building as well as the main two-story dealership.
Amerigas broke ground on a 1,000-gallon fuel tank last week, records show.
Penske, a Bloomfield, Michigan-based publicly traded company, began construction on the dealership in September 2014. The company bought the land in 2013 for $5.5 million.
Warren Henry owns the land next door at 4645 Southwest 148th Avenue, which is a newly completed 28,000-square-foot Lamborghini dealership. Warren Henry paid $8.7 million for that property in 2014.
If exotic car owners are looking for a place to store their collections, a group of developers is building South Florida’s first luxury car condo. Prices for units at the Miami development range from $500,000 to about $2 million, with spaces that hold anywhere from six to 20 cars.

Source: The Real Deal

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