The Real Deal Miami

Hollywood motels and apartments sell to gas station operator for $9M

Last sold for a combined $3.2M in 2013 and 2014

April 13, 2015 09:45AM
By Katherine Kallergis

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Stardust Motel and Apartments in Hollywood

Stardust Motel and Apartments in Hollywood

Two motels and adjoining apartments in Hollywood sold for nearly three times their last combined sale price, Broward County records show.

No Worries Inc. and Treasure Inn sold the properties to Mid-Atlantic Petroleum Properties, a commercial real estate developer that owns and operates gas stations.

The Angelfish Inn, at 342 Buchanan Street, and the Stardust Motel and Apartments, at 915 North Ocean Drive, are separated by a 3,100-square-foot site. The Angelfish Inn has 11 rooms and sits on a 9,575-square-foot property. The 4,333-square-foot motel was last sold in May for $1.5 million, according to Broward County property records.

The Stardust includes 22 units and was last sold in August 2013 for $1.7 million. The 6,939-square-foot building was built in 1960 and sits on a 10,954-square-foot lot.

100 North Frederick Avenue owns 62 percent of the acquisition and Mid-Atlantic Petroleum Properties owns the remaining 38 percent, according to the deed. The sellers are Hollywood-based companies led by Jolanta and Daniel Kennedy, corporate records show.

Mid-Atlantic owns and operates more than 50 gas stations/convenience stores in Washington, D.C., Maryland, and Virginia, according to Yahoo. It was founded by Carlos Horcasitas and May-May Au in 1995 as a Chevron petroleum distributorship and operator of gas stations, convenience stores and car washes.

Nearby, the Meliá Costa Hollywood Beach condo-hotel is under construction. The 304-unit condo-hotel, developed by Liberty Grande, is opening in 2015 and will range from studios to one to three-bedroom apartments.