Floval Oil pays $6M for Hialeah Executive Motel
1.7-acre assemblage includes several parcels on and near Okeechobee Road
A Miami investor just paid $6 million for the Hialeah Executive Motel, property records show.
Fraymond Corp and Merco Corp., led by Mercy Posada, sold the motel at 131 Okeechobee Road, as well as adjacent land to Orestes Flores’ Floval Oil Corp. Floval owns a few other sites in Miami-Dade, and sold 15 gas stations to Sunshine Gasoline Distributors in 2015 for about $24 million.
Fraymond and Merco sold eight parcels, including a lot on the northwest corner of Fifth Street and Okeechobee Road, plus the multifamily building at 131 West Fifth Street. Posada also sold the vacant lot at 135 West Fifth Street, which is part of the assemblage, for an additional $85,000.
All together, Floval Oil picked up about 74,000 square feet of land, which totals 1.7 acres. The properties are near a newly built Extra Space Storage building.
A spokesperson at the Hialeah Executive Motel’s office said the property will remain open as a motel. Records show the buildings have 18 multifamily units. Some of the rooms are being renovated, the spokesperson said.
In January, Floval paid $3.3 million for another property in Hialeah, at 8 East 13th Street.
Earlier this month, a nearly 10-acre mobile home park at 2901 West 16th Avenue in Hialeah sold for $12 million. Codina Partners is also planning Beacon Logistics Park, an industrial development with as much as 1.5 million square feet of space, in Hialeah.