Memphis-based family investment firm Dobbs Management Service paid more than $2.73 million last week to enter the Orlando market, buying the property of a competitor in the construction equipment field as part of a seven-site portfolio deal in Florida.
A Dobbs affiliate bought full-service John Deere Construction and Forestry stores owned and operated by John Deere affiliate Nortrax in Lutz (Tampa), Orlando, Miami, Fort Myers and West Palm Beach, along with parts-only stores in Pompano and Riverview.
All of the former Nortrax facilities will be rebranded as Dobbs Equipment, which will relocate its headquarters to Tampa.
The deed was signed Nov. 15, and recorded Tuesday in Orange County. A mortgage of $19.44 million was sourced from JPMorgan Chase Bank to finance the portfolio deal.
Dobbs Equipment, which will sell, lease and repair heavy construction equipment at the Orlando location, said it plans to expand John Deere's presence in the region through additional investment.
The deal was negotiated via McNally Capital, which made an equity co-investment with Dobbes Management Service.
Nortrax operates Deere construction and forestry dealerships across the United States and Canada, and will continue to be headquartered in Tampa.
The Dobbs family invests in various business-to-business services, distribution and healthcare, with its most prominent holdings in restaurants, Peterbilt truck dealerships and aftermarket parts supply, and other heavy-duty commercial vehicle sale and parts supply companies.