Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Miami Airport Hotel Site, a 40,500-square foot Property Type in Miami Springs, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset sold for $3,470,000.

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 limited liability company.

Miami Airport Hotel Site is located at 5425 NW 36th St in Miami Springs, FL.

“The site is perfectly positioned to capitalize on the enormous growth at Miami Airport where occupancy is over 75% plus and major hotel chains are actively looking for good site in this market” said Ahmed Kabani, First Vice President, Investment Sales and Senior Director at Marcus Millichap who represented the seller in this transaction. The buyer is south Florida developer and hotel owner and planning to build 150 rooms at this site.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com