CarMax picked up 24 acres of vacant industrial land in Jupiter for $16 million.
An affiliate of CarMax, a Richmond, Virginia-based used automobile dealer led by CEO William Nash, acquired the property at 15920 and 15959 Corporate Road North, records and Vizzda show.
The seller, an affiliate of Fairfield, New Jersey-based Woodmont Properties, made a significant gain on its previous sale price two years ago. In 2022, Woodmont paid $3.5 million for the 24.4 acres, records show.
CarMax identified the 24.4 acres as a “potential good fit for our current growth plan” and “it will likely be an auction-only facility,” a company spokesperson said. The company has 24 dealerships in Florida, including in Boynton Beach, Fort Lauderdale, Miami, Pompano Beach and Royal Palm Beach, according to CarMax’s website. In 2018, CarMax paid $7.5 million for the car dealership site in Royal Palm Beach.
Other car dealers are also revving up expansion plans in South Florida. This month, Raleigh, North Carolina-based Johnson Automotive Dealership Group paid $25 million for a 1-acre site that’s home to a Staples store in Miami’s Edgewater. Johnson Automotive plans to convert the store into a Kia showroom and dealership, although it is unclear when the Staples lease expires.
Johnson Automotive’s planned Kia dealership would be the company’s first auto retail site in South Florida.
Craig Zinn Automotive Group is also expanding in south Miami-Dade County. The Hollywood-based car dealer picked up an 8.3-acre development site in Kendall for $23.5 million in January. Craig Zinn Automotive plans to build a two-story auto retail building spanning 76,000 square feet and 580 parking spaces.
The Kendall property is adjacent to a 14-acre site that Craig Zinn Automotive is leasing from Miami-Dade County where the company is planning a $15 million Subaru dealership.
Last year, Dream Motor Group bought two Mercedes-Benz dealerships in Coral Gables and Cutler Bay, an auto body repair shop in Cutler Bay and an office building in Coral Gables. The Birmingham, Alabama-based company paid $150 million for the four-property portfolio.
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