Morehead Inn sells to Spangler Properties
Published: March 1, 2013
Time posted: 1:28 pm
Tags: Morehead Inn, Spangler Properties, Unique Southern Estates
CHARLOTTE — The owner of the Morehead Inn has sold the property, but the inn will continue business as usual.
Although Billy Maddalon, managing owner of Charlotte-based Unique Southern Estates, last week sold the property to the Spangler family for $1.65 million, the building will be leased back and Maddalon said business will continue.
Because of the sale, Maddalon and his father are now the sole owners of Unique Southern Estates. The money was used to buy out other business partners. The Morehead Inn is located at 1122 E. Morehead Street.
Unique Southern Estates signed the lease with Spangler Properties that guarantees the Morehead Inn will remain at the site for more than five years. the sale benefits the Spanglers as well, since the purchase completes a group of properties on East Morehead Street between Berkely and Arosa Avenues that includes the Spangler base at 1110 East Morehead next door, a few residential properties on the same block and 1100 East Morehead just down the street. Having the three commercial properties so close, and totaling more than two acres gives Spangler the opportunity to redevelop the site after the lease is up.
Steve Cornwell, senior vice president at Spangler, said there are no plans for the properties right now, other than continuing the current leases.
The Morehead Inn property was appraised at about $2.8 million in 2011, with the land valued at $1.9 million. The inn’s primary building has a total square footage of 9,724 and a heated square footage of 9,456. The secondary building has a total square footage of 2,280. The buildings were constructed in 1917 and 1920, respectively, according to county records.
Unique Southern Estates also owns and operates Conference Center in Plaza Midwood and The VanLandingham Estate Inn.