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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 | Updated on November 20, 2000

FORT LAUDERDALE, FL-Little is sometimes better if location is a dominating factor. Take the four motel structures that Marvin Chane’s Bahia Cabana Ltd. owned at 3001 Harbor Dr. here for instance. The properties only total 37,546 sf but they aggregately sold for $6.75 million or $179.78 per sf.

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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