Lehman buys Honda dealership in Florida City for $17M – The Real Deal

554 NE 1st Ave (Credit: Google Maps)

554 NE 1st Ave (Credit: Google Maps)

A company tied to Miami-based Lehman Autoworld bought a Honda dealership in Florida City for $16.8 million.

Records show Lehman purchased the Largo Honda dealership at 554 Northeast 1st Avenue from Largo Motor Company LTD, managed by Ronald Esserman.

Esserman, who died in July at age 93, was the owner of Esserman International, a Florida-based car dealership. Esserman bought the property in 2005, according to records.

Built in 2007, the three-story Honda dealership has 203,528 square feet.

Lehman Autoworld already owns and operates Hyundai, Subaru, Mitsubishi, Buick, GMC, Genesis and Kia dealerships in Miami. Lehman Autoworld offers car sales, parts, car service, and collision repair services, according to its website.

Car dealerships have been a hot commodity in South Florida in recent months. In early October, Pebb Enterprises sold a 23,000-square-foot Tesla dealership in West Palm Beach for $12.87 million. In September, an investment firm paid $90.5 million for car dealerships in Margate, Tamarac and West Palm Beach. And also in September, Off Lease Only sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal.