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Investment Firm Tied to Baltimore Ravens Owner Buys South Florida

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Investment Firm Tied to Baltimore Ravens Owner Buys South Florida SOUTH FLORIDA NEW YORK LOS ANGELES CHICAGO NATIONAL TRI-STATE search $ MY ACCOUNT SIGN OUT NEWS % MAGAZINES % RESEARCH % EVENTS % VIDEO % TRD TALKS LIVE ! ! " $ % & 0.48% ! CIGI0.27% ! CLPR1.15%TRENDING:! CWK0.26%Coronavirus" DRH1.04%Commercial! ELS Real0.45% Estate! EQRResidential0.64% ! RealESRT Estate0.08% !CelebrityEXPI13.68% Real !EstateGNL0.60%Multifamily! HOV0.18% ! LTC1.02% " MET2.96% ! MMI0.45% " NMRK1.08% ! Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M Buyer is the investment firm of Maryland billionaire cousins Jim Davis and Steve Bosciotti TRD MIAMI / By Wade Tyler Millward September 25, 2020 05:30 PM From left: Steve Bisciotti, Jim Davis with Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps) UPDATED, Sept. 30, 8:50 a.m.: The family ofce of two Maryland billionaires paid $90.5 million for car dealerships in Margate, Tamarac and West Palm Beach that were owned by Arrigo Automotive Group. A company tied to Hanover, Maryland-based Redwood Capital Investments paid $34.5 million for the Tamarac Dodge, Chrysler, Jeep and Ram dealership at 5901 Madison Avenue in Tamarac. Redwood also paid $30 million for the Arrigo West Palm Beach dealership at 6500 Okeechobee Boulevard. Redwood Capital Investments shares an address with Allegis Group, one of the largest stafng firms in the U.S., founded by cousins Jim Davis and Steve Bisciotti. Multiple media reports identify Redwood as the cousins’ investment firm. Bisciotti is also the owner of the Baltimore Ravens National Football League team. Redwood Capital’s purchase also includes $26 million for the Chrysler, Dodge, Ram and Jeep dealership at 2250 North State Road 7 in Margate, the nearby repair shop at 5410 Northwest 24th Street and a parking lot adjacent to the two properties. The properties were built between 1979 and 1998, according to records. Arrigo had paid $18 million for the Tamarac site in 2008 and $20.4 million for the Margate properties in 2016, records show. ADVERTISEMENT Allegis had $13.4 billion in revenue in 2018, according to Forbes. The publication pegs Bisciotti’s net worth at $4.6 billion and Davis’ net worth at $3.4 billion. The car dealerships in Margate, Tamarac and West Palm aren’t the only ones to sell in South Florida despite Covid-19’s impact on auto sales. Earlier this month, Of Lease Only, the used car dealership, sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal. In July, a New Jersey auto dealer paid $21 million for the properties housing Honda of Aventura and Aventura Chrysler Jeep Dodge Ram dealerships in North Miami Beach. ! " # ! # Tags car dealers margate o!ce market tamarac west palm beach Ad: (4) Skip Ad 1/5 Subscribe for only $0.49 a day Read More RELATED ARTICLES Pebb sells West Palm Tesla Medical co-working space DiVosta family sells Palm Beach Pittsburgh Penguins’ Kasperi dealership for $13M operator buys Miami medical Gardens o!ce towers for $80M Kapanen scores West Palm campus Beach home South Beach o!ce building inks O" Lease Only sells two South Insurance exec sells Bristol Banyan Capital buys Doral o!ce lease for record $92 psf Florida locations for $50M condo in West Palm for $8M towers for $43M You May Like Sponsored Links by Taboola US States Americans Are Tiger Woods' Ex-Wife - Try Not FDA Registered N95 Respirator Cable TV is Dying. Here’s What Leaving, Fast (Plus The States To Gasp When You See Her Now Mask, Ships same day from We Think Is Next (and It’s Not They're Moving To) Car Novels California Netflix!) MoneyWise.com Canopus Group LLC - A Proud USA Company The Motely Fool ABOUT US CONTACT US PRIVACY POLICY SUBSCRIBE ADVERTISING CUSTOMER CENTER DIRECTORY CAREERS All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. 3050 Biscayne Boulevard, Suite 604, Miami, FL 33137 Phone: 212-260-1332 We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Privacy & Policy Ok, Got it.
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