Marcus & Millichap's Ahmed Kabani Arranges $10.5 Million Sale of 178-room SureStay Plus Hotel by Best Western Clearwater Central in Clearwater, FL

Ahmed Kabani

CLEARWATER, FL,  July 1, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of SureStay Plus Hotel by Best Western Clearwater Central, a 178-room hospitality property located in Clearwater, FL, according to Scott Lunine, regional manager of the firm’s Miami office.

The asset sold for $10,500,000.

 Scott Lunine

Ahmed Kabani, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor.   

SureStay Plus Hotel by Best Western Clearwater Central is located at 21030 US Hwy 19 N in Clearwater, FL. 

 “The courtyard-style hotel sits on 4.79 acres of land and was originally built as a Hampton Inn," says Kabani.

 "The premier location of this asset, close to the world class beaches of Clearwater, attracted the buyers to acquire the hotel. The buyer, who was represented by a local broker, has creative plans for this hotel.”

SureStay Plus Hotel by Best Western Clearwater Central

 CONTACT:

Scott Lunine

Vice President and

Regional Manager

 Miami, FL

(786) 522-7000

www.MarcusMillichap.com.

Prices on Office Assets Dropping 10% or More During Stock Market Rebound and Virus Crisis, According to Real Estate Capital Institute

John Oharenko

Chicago, IL, July 1, 2020 – The stock market rebound and rising COVID-19 cases, particularly in the Sunbelt and Western states, drive headlines, reports The Real Estate Capital Institute®   

The commercial realty markets, too, regain momentum, particularly in the multifamily, industrial sectors.

Datacenters also attract higher investor demand, as demand for internet usage increases with more workers operating from home. 

 Two key CRE trends emerge for mid-year, including:

 Price Discovery:  Acquisition volume recovering, but price discovery surfaces with sellers and buyers assessing the pandemic impact on cash flow stability. 

Retail and hospitality properties witness the most stress, with office assets ranking close beyond with prices dropping ten percent or more.

That said, investors still attracted to CRE, as yield spreads remain attractive compared to alternative assets such as similar-risk investment-grade bonds (spreads of 75 basis points or more favor real estate). 

 Ample Funds:  Despite depressed market conditions in specific product sectors and markets, abundant funds exist for purchasing assets. 

 Numerous sources, including private funds, public syndicates, and institutional investors, remain flush with cash in search of yields.

For example, mid-teen yields attract development capital and preferred equity reaches mid-to-higher-single-digit returns.

  

 John Oharenko, director of the Real Estate Capital Institute, notes that "Investors search for bargains during the pandemic, but deals are hard to come by as too much sidelined cash floods the capital markets."

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 CONTACT:

John Oharenko

 Executive Director

john.oharenko@reci.com 

director@reci.com / www.reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

Lee & Associates Promotes Alex Kuniega to Senior Associate in Columbus, OH Office

 Alex Kuniega

COLUMBUS, OH, July 1, 2020 –  Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced today the promotion of Alex Kuniega to Senior Associate in the Columbus, Ohio office.

 “Alex has been an incredibly important addition to our office, and we are very excited to announce his promotion to Senior Associate”, said Todd Spencer, Principal at Lee & Associates.  

“Alex came in day one and took ownership immediately as if he was already a partner in our firm.  

Todd Spencer

"He’s been a tremendous asset on multiple transactions and has now proven to be a deal maker in the Columbus marketplace, and we are excited for him to continue to expand our platform and grow his client base.”           

Prior to joining Lee & Associates, Alex spent three years at DHL following graduation from The Ohio State University.    

For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.

Contact:

 Bailey Ludt

Lee & Associates Columbus

(614) 923-3300

bailey.ludt@lee-associates.com