(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-Colliers Abood Wood-Fay's automotive real estate services group has facilitated a transaction of 5.5 acres next to Mall of the Americas off the 836 Expressway for $11.9 million. The site, formerly occupied by Expressway Toyota, was sold by Kahn Family Enterprises of South Florida Ltd. and bought by Albert Maury as trustee for Leon Medical Centers. According to the local firm, the ARESG has generated $200 million in business completing similar automotive transactions over the last four years.

"Our automobile dealers are making record sales; however, not selling cars, but selling their land," says Owen G. Cone, senior commercial associate with South Florida-based Colliers Abood Wood-Fay. Besides the recently completed deal, Cone says he's involved with $100 million of similar transactions currently in negotiation. "We've made a name for ourselves within the auto dealer community and they have made several referrals back and forth to each other," he tells GlobeSt.com.

"We've got a host of situations that we've been handling around the state," says Michael T. Fay, president of the firm, which is the first to create a group specific to the automotive industry in the 293 Colliers International affiliated offices in 61 countries. The automotive group advises car dealership owners with alternative ways to increase profitability that address current real estate needs. "We are helping auto dealers today create value in their real estate at a time when the actual auto dealership, because of the economy, has gone in the wrong direction," says Fay. For example, he explains, a Chrylser Dodge and Jeep dealership that used to operate out of separate locations may choose to consolidate onto one property and sell off the other for a hefty profit.