A photograph illustration of the Citgo fuel station at 13899 West Okeechobee Street in Hialeah Gardens (Getty Photos, Google Maps)
Discuss about jacking up the cost at the pump. Trinity Pro acquired, then quickly flipped a Hialeah gasoline station for a $3.7 million get.
The Boynton Seaside-dependent retail investor, led by CEO Christopher J. Martonaro, compensated $12 million for a Citgo station at 13899 West Okeechobee Road, documents clearly show. It bought the house from an entity managed by Rodolfo Sanchez of Miami.
The same day, Trinity Professional marketed the gasoline station for $15.7 million to a consortium of buyers led by Jason Harris, a principal with Orem, Utah-primarily based Harris Investment Team. The Harris consortium attained an $11 million mortgage from Lafayette Federal Credit history Union, documents display.
Near the Florida Turnpike’s Okeechobee Street on-and-off ramp, the 8,755-sq.-foot filling station also consists of a foodstuff retail outlet and a truck clean. The Citgo is at present charging $3.59 for each gallon for standard gasoline, according to GasBuddy.
Sanchez, the prior operator, purchased the 1.9-acre house for $1.5 million in 2004 and done the gasoline station a few yrs afterwards, data exhibit.
Trinity Professional has experience acquiring and flipping gasoline stations on the similar working day. Very last yr, Miami-based Westar Oil Organization marketed 4 this sort of houses in Miami, Hialeah and Opa-Locka to Trinity Professional for $11 million. Several hours later, A New Hampshire married few compensated Trinity Pro $15 million for the four Westar stations, records display.
In that deal and the most current transaction, Trinity Professional is leasing back the fuel stations.
Even with record-breaking gasoline costs, number of other South Florida fuel stations have traded just lately. A year back, Racetrac paid $8.9 million for an automobile junkyard in Medley that the enterprise plans to redevelop into a filling station, comfort retailer and truck rest end.
In April of last 12 months, Pompano Seashore-based mostly Electrical power Petroleum acquired a Miami Beach 7-Eleven with a gas station at the listing rate of $11.2 million.
