NJ auto dealer pays $21M for North Miami Beach dealerships

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August 2, 2020
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As reported in The Real Deal.

A New Jersey auto dealer paid $21 million for the properties housing Honda of Aventura and Aventura Chrysler Jeep Dodge Ram dealerships in North Miami Beach.

PSD Automotive Group, led by Patrick Dibre, acquired the land at 2150 Northeast 163rd Street, 16200 West Dixie Highway, 2151 Northeast 161st Street and 16050 West Dixie Highway, records show. The seller was Samkle North Miami Properties, also known as Klein North Miami Properties. Alex Kurkin, a lawyer who specializes in automobile dealership law, signed the deed on behalf of the seller.

The land totals 9.25 acres and includes showrooms, parking structures and service centers.

Bridgewater, New Jersey-based PSD Automotive Group operates dealerships in New Jersey, California, Virginia and elsewhere, and has a large network of Nissan dealerships, according to Dibre’s LinkedIn profile.

The North Miami Beach dealerships are just north of a massive development site that is planned to become the New North Town Center, designed by Zyscovich Architects. New North Equities, the developer of the 18-acre property, on West Dixie Highway between 155th and 163rd streets, revealed plans in 2018 for a mixed-use community. It is planned to have 1,650 apartments, 175,000 square feet of commercial space, 150,000 square feet of office space, 175 limited service hotel rooms and 120,000 square feet of school space.

Zyscovich is also the architect of Dezer Development’s plans to redevelop the Intracoastal Mall property in North Miami Beach into a high-rise, mixed-use community.