Fargo, N.D., investment entity buys Microtel Inn & Suites

BUYER: RalRon Florida LLC, Fargo, N.D.
SELLER: Village Port LLC
PROPERTY: 4056 Tamiami Trail, Port Charlotte
PRICE: $4.4 million
PREVIOUS PRICE: $540,000, June 1988
LAW FIRM ON DEED: Tew Cardenas LLP, Miami

PLANS, DESCRIPTION: A company affiliated with Fargo, N.D., large-scale farmer and John Deere Equipment dealer Ron Offutt purchased the 86-unit Microtel Inn & Suites by Wyndham for $4.4 million.

The price equated to $51,153 per unit.

The 35,139-square-foot, three-story economy hotel occupies a 1.78-acre parcel. Built in 2008, it features an outdoor pool, fitness center, business center and breakfast facilites.

Another affiliate of the buyer, RalRon Capital Corp., purchased the seller's mortgage debt on the property in December 2009. However, the deed for the sale includes a phrase confirming that the sale will in no way affect the mortgage.

Chris Vick and Jerome Stewart of Stillwater Cos. Realty LLC represented the seller.

Considered one of the the richest people in North Dakota, Offutt owns the farming business R.D. Offutt & Son and he owns RDO Equipment Inc., which owns and operates more than 60 agricultural and construction large equipment dealerships in nine states.