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

Miami /
Apr.April 13, 2015 09:45 AM

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.


Related Articles

arrow_forward_ios
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
Seminole Classic Casino (Getty)
Six hospitalized, more injured after partial drywall cave-in at Broward casino
Six hospitalized, more injured after partial drywall cave-in at Broward casino
Dennis Friedrich, founding principal of TFK Real Estate Investment, and Grant Horwitz, managing principal of Fox Ridge Capital, with the property (TFK, Fox Ridge, Cushman and Wakefield)
JV buys Hollywood office campus for $50M
JV buys Hollywood office campus for $50M
Renderings of project at 401 North Federal Highway in Hollywood and Alta Developers CEO Raimundo Onetto (Courtesy of CFE Architect, Alta)
Alta Developers pays $23M for mixed-use dev site in Hollywood
Alta Developers pays $23M for mixed-use dev site in Hollywood
1747 Van Buren Street in Hollywood and BTI Partners CEO Noah Breakstone (BTI Partners)
BTI Partners buys Hollywood Bread Building for $11M, plans multifamily tower
BTI Partners buys Hollywood Bread Building for $11M, plans multifamily tower
Ronnie Amrany and 914 South Southlake Drive, Hollywood (Casamba, Google Maps)
Healthcare IT honcho buys waterfront Hollywood home for record $7M
Healthcare IT honcho buys waterfront Hollywood home for record $7M
Pebblebrook Hotel Trust President and CEO Jon Bortz with Margaritaville Hollywood Beach Resort (Margaritaville, Pebblebrook)
Pebblebrook buying Margaritaville Hollywood Beach for $270M
Pebblebrook buying Margaritaville Hollywood Beach for $270M
3600 North 29th Avenue in Hollywood (Google Maps, VIG)
Furniture wholesaler pays $9M for Hollywood distribution facility
Furniture wholesaler pays $9M for Hollywood distribution facility
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...