1st Financial’s Michael Saei with 16961 Miramar Parkway (Google Maps, LinkedIn)
A Los Angeles-centered financial investment agency paid out a higher-octane top quality for a gas station and convenience store in Broward County.
An affiliate of Very first Financial Cash acquired the Mobil at 16961 Miramar Parkway in Miramar for $28.8 million, according to Vizzda and records. The customer obtained a $20.1 million home loan from Lender of Hope, also based mostly in Los Angeles.
The vendor, an affiliate of Dallas-based Crow Holdings, led by CEO Michael Levy, compensated $9.5 million for the 1.9-acre site in 2019, documents clearly show. Spanning far more than 7,000 square ft, the 1-tale retail creating and the fuel pumps had been done in 2015.
Adjacent to a Goal and a Winn-Dixie, the Mobil gasoline station is charging $3.50 for a gallon of normal gasoline, in accordance to GasBuddy.com
Led by principal and founder Michael Saei, First Financial’s main organization is furnishing business actual estate bridge loans, specializing in assistance station and hospitality properties, in accordance to its web site. 1st Economical also features accredited buyers options in industrial real estate that the agency owns nationwide.
The previous two decades, Saei has been amassing gasoline stations in Broward and Palm Seaside counties, paying a whole of $34.8 million for 5 these houses in Fort Lauderdale, Boca Raton, Deerfield Beach front and West Palm Beach, data show.
Out-of-city buyers are eager to fork out top rated greenback for gasoline stations in the tri-county region. In August, Boynton Beach-based Trinity Petro compensated $12 million for a Hialeah company station, then immediately flipped the home for a $3.7 million attain. Orem, Utah-primarily based Harris Investment Team paid $15.7 million for it.
Past 12 months, Trinity Petro purchased 4 gasoline stations in Miami-Dade County for roughly $11 million, and flipped the qualities the exact working day for a $4 million get. Ernest M. Cherry Jr. and his spouse, Carole, of Hampton Falls, New Hampshire, paid $15 million for the stations.
