Sunday, February 28, 2016

Marcus & Millichap Arranges $2.35 Million Sale of Knights Inn in Panama City, FL

David M. Greenberg
PANAMA CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Knights Inn (formerly known as the Buccaneer Beach Motel), a 101-room hotel located in Panama City, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,350,000.

David M. Greenberg, first vice president investments, and David Altman, an associate, both in Marcus & Millichap’s Fort Lauderdale office, represented both the seller and buyer of the property.

“The buyer of the property saw a great opportunity to convert the hotel to a senior living facility, due to its waterfront location and close proximity to downtown Panama City, County and Federal Court Houses, Gulf Coast Regional Medical Center and Bay Medical Center,” says Altman. 

“Also included in the sale was a 12,500-square foot restaurant, most recently operated by Panama Café.”

Originally constructed in 1960 as a Holiday Inn, the Knights Inn is a 101-room, five-building, two-story, full-service motel.  The motel is situated on a 3.2+/- acre parcel with over 800-feet of direct frontage Saint Andrew’s Bay and includes a private beach and dock.

The Knights Inn is located at 711 West Beach Drive in Panama City, FL.

 For a complete copy of the company’s news release, please contact:

Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400

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