Morgan Automotive Group Acquires 41.25 Acres of Land in Clermont from Fuccillio Automotive Group for $19.38M
Morgan Automotive Group has acquired a 41.25-acre land in Clermont from Fuccillio Automotive Group for $19.38M.
Morgan Automotive Group has acquired a 41.25-acre land in Clermont from Fuccillio Automotive Group for 19.38M. The property is located at 17550 State Road 50 and has a total area of 47,463 sq. ft. The purchase price translates to a price per square foot of 408. The buyer, Morgan Automotive Group, is a family-owned and operated business that has been in the automotive industry for over 30 years. The company operates 22 dealerships across Florida, New York, and Pennsylvania.
The seller, Fuccillio Automotive Group, is a large dealership group with locations across New York and Florida. The company was founded by Billy Fuccillio in 1989 and has since grown to become one of the largest privately held dealership groups in the country. The sale was brokered by Erin Kerrigan of Kerrigan Advisors, a leading sell-side advisory firm in the automotive retail industry.
The property is located in Clermont, a city in Lake County, Florida. Clermont is a growing city with a population of over 35,000 people. The city is located just west of Orlando and is known for its rolling hills and scenic views. The property is situated on State Road 50, a major east-west highway that connects Clermont to Orlando and other major cities in the region.
The property is zoned for commercial use and is located in an area that is experiencing significant growth. The property is adjacent to the Fuccillio Kia dealership and is surrounded by other commercial developments. The property is also located near several residential communities, which could provide a potential customer base for future businesses on the property.
Overall, the acquisition of this property by Morgan Automotive Group represents a strategic move for the company as it continues to expand its presence in the automotive industry. The property’s location and zoning make it an attractive investment opportunity for the buyer, and the sale price reflects the strong demand for commercial real estate in the Clermont area.