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 Best Western Vero Beach, a 65-room hospitality property located in Vero Beach, Florida. The asset sold for $6,400,000.
“This hotel was purchased by a 1031 buyer, with a nonrefundable deposit, was financed with a bridge loan, and closed in 60 days,” said Ahmed Kabani, senior managing director investments. “The aggressive terms on this transaction speak to the continued demand for hotel assets throughout the Florida market.”
Kabani and Kian McLean, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a partnership, and procured the buyer, a private investor.
The Best Western is located at 9330 19th Lane. The property is off Interstate 95 near the Vero beach outlet mall which includes national retailers like LOFT, Columbia Factory Store and more. Property amenities include free breakfast, guest laundry, an outdoor pool, a fitness center, and more.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
