Groups partner, buy Wesley Chapel Honda

BUYER: Smith-Williams Real Estate LLC (principals: PPS Equities Inc., Philip Smith, Michael Dayhoff, MRD Equities Inc., PPS Partners), Lighthouse Point

SELLER: March/Hodge Tampa LLC

PROPERTY: 27750 Wesley Chapel Blvd., Wesley Chapel

PRICE: $12 million

PREVIOUS PRICE $3.06 million

LAW FIRM ON DEED: Shutts & Bowen LLP, Orlando

PLANS, DESCRIPTION: Williams Automotive Group of Wesley Chapel and Lighthouse Point-based Phil Smith Automotive Group bought Honda of Wesley Chapel.

The ownership group includes David and John Williams, owners/operators of Wesley Chapel Toyota and Phil Smith and Michael Dayhoff of Phil Smith Automotive Group.

The partnership entity, Smith-Williams Real Estate LLC, purchased the 42,624-square-foot Honda dealership building and 12-acre property for $12 million.

The price equated to $282 per square foot.

The dealership building houses sales operations and a 26-bay service department. It was built in 2007.

David Williams says he and his partners wanted to expand into Hondas after operating the Toyota dealership for more than two years. They chose the Wesley Chapel dealership because of the area's growth potential and its proximity to the Toyota dealership.

“We are banking on the future growth in this area,” Williams says. “A lot of construction has been done here for future growth.”

The dealership has been renamed Wesley Chapel Honda.

Phil Smith Automotive Group owns 16 dealerships, including 10 in Florida.

Smith-Williams Real Estate mortgaged the property to SunTrust Bank for $8.59 million.