Maryland Single Family Office Acquired Car Dealerships for $90.5M

Maryland Single Family Office Acquired Car Dealerships for $90.5M

Maryland billionaires Jim Davis and Steve Bosciotti bought South Florida-based car dealerships for $90.5M in September. The acquired car dealerships in Margate, Tamarac and West Palm Beach were previously owned by the Arrigo Automotive Group. Arrigo itself bought the Tamarac site in 2008 for around $18M. The Margate properties were acquired in 2016 for $20.4M. The family office tied to the two billionaires Davis and Bosciotti is called Redwood Capital Investments. Redwood has the same address as Allergis, a major staffing company, which was – in turn – founded by Davis and Bosciotti. The buildings were were errected in 1979 and 1998. The transaction shows once again that family offices are often quite flexible in their investment mandate, also heading to rather unusual assets like car dealerships.

Source: The Real Deal, 22.01.2021
Picture Source: Erik Mclean

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