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

It last sold in July 2009 for $2.1M and was renovated that year

TRD 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
Miami Design District (Credit: Miami Design District)

The Weekly Dish: Robuchon restaurants set Miami opening dates, new restaurants planned for MiMo & more

Developer of American Legion project in MiMo scores $51M loan

Developer of American Legion project in MiMo scores $51M loan

The Weekly Dish: the Halal Guys head to Davie, MiMo gets a new pizza joint…and more

The Weekly Dish: the Halal Guys head to Davie, MiMo gets a new pizza joint…and more

Miami board grants approval to Legion East with design changes

Miami board grants approval to Legion East with design changes

Legion Memorial Park development plans meet stiff opposition from residents

Legion Memorial Park development plans meet stiff opposition from residents

Kristine Flook and Janet Crucet

Alex Karakhanian buys dry cleaners building in MiMo for $1.5M

BarMeli to open in former Michy’s space on Biscayne Boulevard

BarMeli to open in former Michy’s space on Biscayne Boulevard

Another Biscayne Boulevard restaurant, the Fed, shutters

Another Biscayne Boulevard restaurant, the Fed, shutters

arrow_forward_ios