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| Gabriel Shamay |
PALM COAST, 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 Red Roof Inn
Palm Coast, a 78-room hospitality property located in Palm Coast, FL, according
to Ryan Nee, vice president / regional manager of the firm’s Fort
Lauderdale office. The asset sold
for $4,900,000.
“The
buyer was a first-time hotelier who saw an opportunity to acquire a stabilized
asset with long-term growth potential,” states Gabriel Shamay, associate,
in Marcus & Millichap’s Fort Lauderdale office.
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| David M. Greenberg |
David M. Greenberg,
senior managing director investments, Robert S. Hunter, first vice
president investments, David J. Altman, senior associate, Shamay,
and Scott J. Havericak, associate, all located in Marcus &
Millichap’s Fort Lauderdale office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company, and secured and
represented the buyer, a private
investor.
“The seller was an out
of state owner, and the buyer was an out of state investor. This deal is
another example of Florida hotel investments being highly sought after by out
of area capital. Our team marketed the property across state and country
lines, resulting in a competitive bidding environment,” states Greenberg.
Red Roof Inn Palm Coast
is located at 10 Kingswood Drive in Palm Coast, FL. The Property is
a three-story, limited service hotel, well positioned directly off Interstate
95. The hotel is located only a short drive from beach access, sports complexes
and state parks.
For more information, please contact:
Ryan Nee
Vice President / Regional Manager, Fort
Lauderdale
(954) 245-3400
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