Car dealer Luis Somoano drops $22M on Hialeah site
Auto dealer Luis Somoano expanded his South Florida portfolio by paying $21.5 million for a Ford retail site in Hialeah previously owned for 40 years by the late car selling mogul Gus Machado and his family. An entity managed by Doral-based Somaono, who owns two other dealerships in Miami-Dade County, paid $2.2 million above the previous sale price less than two years ago. Somaono’s entity also assumed a $15.4 million loan with City National Bank of Florida, records and real estate database Vizzda show. The seller, an entity managed by Victor Benitez, vice president of Gus Machado Ford, paid $19.3 […]This article originally appeared on The Real Deal. Click here to read the full story.
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