Bill Ussery Motors has sold its Mercedes-Benz of Cutler Bay and Mercedes-Benz of Coral Gables dealerships for a total of $150 million.
The price of the actual estate is reflected in the transaction value listed on the deeds. A source knowledgeable about the bidding claimed that the final cost exceeded $650 million.
Affiliates of the Dream Motor Group, whose CEO is Joseph A. Agresti of Spring, Texas, were the buyers.
The transaction involved the $55 million sale of the 143,716-square-foot dealership building at 310 Sevilla Ave. under the direction of CEO Robert W. Brockway, to BIJ Motors Coral Gables LLC, managed by Agresti.
Then, for $45 million, Brockway/Valencia LLC, a subsidiary of Bill Ussery Motors, sold the 190,678-square-foot structure at 2801 Salzedo Street to the same entity. The 1973-built structure was once Coral Gables’ police headquarters before being transformed into a dealership several years ago.
Further south, Agresti-run BIJ Motors Cutler Bay LLC purchased the 155,837-square-foot Bill Ussery Motors of Cutler Bay LLC dealership at 10701 S.W. 211th St. for $45 million. Finally, for $5 million, Bill Ussery Motors Body Shop sold the 22,650-square-foot collision repair facility building to the same entity at 19191 S.W. 108th Ave, built in 2006.
The transaction was financed by a $200 million first mortgage from Mercedes-Benz Financial Services USA, plus a $50 million in seller financing as a junior mortgage.
These acquisitions are Dream Motor Group’s first dealerships in the state of Florida. Furthermore, they own Mercedes-Benz dealerships in Baton Rouge, Louisiana; Birmingham, Alabama; Hoover, Alabama; Nashville, Tennessee; and Woodlands, Texas. In addition, they hold a dealership for Infinity in Birmingham.
Nick Saban, the head football coach at the University of Alabama, is a co-owner of Dream Motor Group.
