Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of land for development in Brickell, according to Scott Lunine, Regional Manager of the firm’s Miami office. The land sold for $10.25 million.

“The acquisition secures the development of a Residence Inn by Marriott in the coveted district of Brickell, one of the most exclusive markets in Miami,” said Ahmed Kabani, first vice president investments and senior director of Marcus & Millichap’s National Hospitality Group.” Kabani procured the buyer, a limited liability company.

The .69 acres of land will become the new home for a Residence Inn by Marriott. The property is nine miles from Miami Beach and seven miles from Miami International Airport. Additionally, the land is minutes away from Miami’s premier restaurants, shops and bars.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company 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