Small Motel Properties Go for Jumbo Price

FORT LAUDERDALE, FL-Four buildings, from 36 years to 44 years of age with a near-ocean location commanded a selling price of $6.75 million or $179.78 per sf. But that's not the end of the story. Ten years ago, the same properties, totaling 37,546 sf, went for $6.85 million or $182.44 per sf. The assets are 30 miles north of Downtown Miami.

By Alex Finkelstein | November 20, 2000 at 01:01 AM

The assets did even better 10 years ago when they were on the selling block. They sold for $6.85 million or $182.44 per sf. Riviera Resort Club Developers, headed by John Day and Patrick J. Flavin, bought the motels from Bahia Cabana.

Bridgeview Bank & Trust of Bridgeview, IL provided financing of $3.5 million. The buildings were constructed in four stages beginning in 1956 and ending in 1964.

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