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| 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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