Adult entertainment firm buys Miami Gardens site for $15M

RCI operates strip club Tootsie's Cabaret on site

Aug.August 03, 2015 09:45 AM

An adult entertainment company has picked up a warehouse, showroom and strip club in Miami Gardens for 15,300 stacks, or $15.3 million, according to Miami-Dade County records.

An affiliate of RCI Hospitality Holdings, a publicly traded operator of strip clubs, nightclubs and adult entertainment websites, was the buyer. Strip club Tootsie’s Cabaret, part of RCI’s portfolio, already operates at the property.

An LLC tied to New York City-based Mount Kellett Capital Management sold the 14-acre site at 18201 Northwest Second Avenue, according to Miami-Dade County records.  

Flooring company Happy Floors is headquartered at the 201,229-square-foot warehouse, which was built in 1960. It last sold for $12.3 million in December, according to Miami-Dade property records. The Miami Gardens property includes a parking lot.

Centennial Bank granted the buyer an $11.24 million mortgage. RCI president and CEO Eric Langan signed the loan.

The Houston, Texas-based company, which is short for Rick’s Cabaret International, owns and operates more than 40 clubs, according to its website. RCI is reportedly one of two adult entertainment companies to be publicly traded on NASDAQ. Its stock was trading at $11.16 on Friday.

The warehouse is near King of Diamonds, a strip club known for the famous rappers and NFL players it attracts. The club sold for $6 million in July 2014 to New York City investors, property records show.

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