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Trinity buys, flips Hialeah Gardens gas station for $3M-plus gain on same day
Entity tied to Orem, Utah-based Harris Investment Group ultimately bought the Citgo at 13899 West Okeechobee Road
UPDATED, Aug. 29, 3:20 p.m.: Talk about jacking up the price at the pump. Trinity Petro bought, then immediately flipped a Hialeah gas station for a $3.7 million gain.
The Boynton Beach-based retail investor, led by CEO Christopher J. Martonaro, paid $12 million for a Citgo station at 13899 West Okeechobee Road, records show. It purchased the property from an entity managed by Rodolfo Sanchez of Miami.
The same day, Trinity Petro sold the gas station for $15.7 million to a consortium of investors led by Jason Harris, a principal with Orem, Utah-based Harris Investment Group. The Harris consortium obtained an $11 million mortgage from Lafayette Federal Credit Union, records show.
Chelsea Mandel with Ascension Advisory represented Trinity Petro.
Near the Florida Turnpike’s Okeechobee Road on-and-off ramp, the 8,755-square-foot filling station also includes a food store and a truck wash. The Citgo is currently charging $3.59 per gallon for regular gas, according to GasBuddy.
Sanchez, the previous owner, bought the 1.9-acre property for $1.5 million in 2004 and completed the gas station three years later, records show.
Trinity Petro has experience buying and flipping gas stations on the same day. Last year, Miami-based Westar Oil Company sold four such properties in Miami, Hialeah and Opa-Locka to Trinity Petro for $11 million. Hours later, A New Hampshire married couple paid Trinity Petro $15 million for the four Westar stations, records show.
In that deal and the most recent transaction, Trinity Petro is leasing back the gas stations.
Despite record-breaking gas prices, few other South Florida gas stations have traded recently. A year ago, Racetrac paid $8.9 million for an auto junkyard in Medley that the company plans to redevelop into a filling station, convenience store and truck rest stop.
In April of last year, Pompano Beach-based Power Petroleum bought a Miami Beach 7-Eleven with a gas station at the listing price of $11.2 million.