Marcus & Millichap (NYSE: MMI) recently completed the sale of a Holiday Inn Express property in Florida City. The 105-room asset is a three-story building built in 2005 and situated on a 2.9-acre lot, sold for $10 million.
“Florida continues to attract out-of-state capital despite the current economic uncertainty,” Ahmed Kabani says, an investment specialist in Marcus & Millichap’s Miami office, a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services. “After numerous offers, we were able to secure a strong 1031 exchange buyer from California who closed with cash.”
Kabani and Suraj Dalal, another investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was procured by Kabani and Dalal.
Marcus & Millichap closed over 12,200 transactions in 2022, with a sales volume of approximately $86.3 billion.