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| Casey Babb |
INDIAN
SHORES, FL, June 1, 2015 – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, today announced the sale of Sun Burst Inn, a 12-room hospitality property located in Indian
Shores, FL, according to Richard D. Matricaria, regional manager of the firm’s
Tampa office.
The asset sold for $1,948,000.
Casey Babb, CCIM, Vice President Investments,
and Ari Ravi, Associate, in Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a private
investor.
The buyer, a private investor, was secured and represented by Casey
Babb, CCIM and Ari Ravi.
“The Sun Burst Inn was attractive to the buyer who was looking for a stabilized asset located in an irreplaceable location. This asset fit their criteria of being located on the beach of Indian Shores with high, in-place cash flow and the ability to further increase income through minimal operational changes,” says Babb.
For a complete copy of the company’s
news release, please contact:
Richard D.
Matricaria
Vice
President/Regional Manager
Tampa, FL
(813)
387-4700
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