Motel in MiMo District sells to Miami investors for $5M

Miami /
Sep.September 02, 2015 12:45 PM

A 1940s motel has sold for more than two times its last sale in 2009, Miami-Dade County records show.

Emperatore Holding LLC sold the 39-key property to Megapolis Corp. and Casa Bella – Toy 14 LLC last week.

The 12,452-square-foot motel, at 5255 Biscayne Boulevard, sits on a 0.64-acre lot. Motel Bianco was built in 1947, according to Miami-Dade property records. It last sold in July 2009 for $2.1 million, and was renovated that year. Amenities include parking, a business center and a laundry room.

MiMo, which is located between 50th and 77th streets along the boulevard, was known for its run-down motels. Now, the area has seen a transformation with a steady influx of trendy shops, good restaurants and new office space.

In March, the buyers sold three hotels in North Beach for a total of $28 million. Francisco Martinez-Miyashiki is listed as a registered agent on their corporate records. Miyashiki is vice president of Pegaso Corp., a Miami-based real estate company.

The seller of Motel Bianco is an Aventura-based LLC led by Jose Licata.

In August, developers of the nearby 64 Park Place launched sales. The mixed-use condominium, at 6443 Biscayne Boulevard, will include 68 units and ground-floor retail when completed in late 2017.


Related Articles

arrow_forward_ios
Tonino Doino and Peter Saliamonas with Jimmy’s Eastside Diner
Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner
Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner
International Inn at 2301 Normandy Isle, Miami Beach (Google Maps)
Miami Beach approves 8-story addition for International Inn
Miami Beach approves 8-story addition for International Inn
Rail 71, Tony Arellano and Devlin Marinoff
Morgan Reed Group lists Rail 71 development for $33M
Morgan Reed Group lists Rail 71 development for $33M
Miami Design District (Credit: Miami Design District)
The Weekly Dish: Robuchon restaurants set Miami opening dates, new restaurants planned for MiMo & more
The Weekly Dish: Robuchon restaurants set Miami opening dates, new restaurants planned for MiMo & more
The Weekly Dish: Del Frisco’s steakhouse inks lease at Met Square & more
The Weekly Dish: Del Frisco’s steakhouse inks lease at Met Square & more
The Weekly Dish: Del Frisco’s steakhouse inks lease at Met Square & more
The Weekly Dish: El Bagel heads to MiMo, Blue Bottle shutters Miami locations & more
The Weekly Dish: El Bagel heads to MiMo, Blue Bottle shutters Miami locations & more
The Weekly Dish: El Bagel heads to MiMo, Blue Bottle shutters Miami locations & more
Developer of American Legion project in MiMo scores $51M loan
Developer of American Legion project in MiMo scores $51M loan
Developer of American Legion project in MiMo scores $51M loan
Alabama investor buys Shalimar Motel in MiMo
Alabama investor buys Shalimar Motel in MiMo
Alabama investor buys Shalimar Motel in MiMo
arrow_forward_ios

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

Loading...