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 The Shalimar Motel, a 50-room hospitality property located in Miami, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset sold for $6,300,000.
Ahmed Kabani, an investment specialist in Marcus & Millichap’s Miami office, represented the buyer in this transaction. Robert Bhat, Vice President of Capital Markets at Marcus & Millichap Capital Corp, arranged a $4,095,000 acquisition loan with a local bank.
The Shalimar Motel is located at 6200 Biscayne Blvd in Miami, FL. The recently renovated 50-room historic hotel was built in 1951 and includes 2,500 square feet of commercial space, that can be used as a restaurant. The property is located in the thriving Mimo District of Miami, which has experienced significant activity in recent years.
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
