Hallandale strip club sells for $1,038 per square foot

Miami /
May.May 13, 2017 01:00 PM

Publicly held RCI Hospitality Holdings Inc. bought a strip club in Hallandale Beach for $25.95 million, or $1,038 per square foot.

Houston-based RCI closed its acquisition of Scarlett’s Cabaret at 2920 Southwest 30 Street in Hallandale Beach on May 8.

RCI also acquired the Scarlett’s Cabaret brand, which it plans to license to other strip clubs around the country. The company owns more than 40 strip clubs nationwide.

Scarlett’s, a 25,000-square-foot club near the interchange of Hallandale Beach Boulevard and Interstate 95, is generating more than $6 million of annual operating profit and approximately $13 million of annual revenue, according to RCI.

RCI also owns a nearby strip club in Miami Gardens, Tootsie’s Cabaret.

Scarlett’s “tends to attract a different clientele from our 74,000-square-foot Tootsie’s Cabaret, which is five miles south, making the two clubs complementary to each other,” Eric Langan, president and CEO of RCI, said in a prepared statement.

RCI acquired the stock of JW Lee Inc., the company that owned Scarlett’s and a 21-year lease on the property.

RCI made an initial payment of $5.4 million and agreed to pay another $5 million in six months. The seller also got a note with an 8 percent interest rate and a 12-year amortization schedule for the $15.55 million balance of the purchase price.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

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

Loading...