Marcus & Millichap : Arranges the Sale of a 87-Room Hospitality Property in Duluth, Minnesota
August 08, 2022 at 05:25 pm EDT
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Marcus & Millichap Arranges the Sale of a 87-Room Hospitality Property in Duluth, Minnesota
August 08, 2022
Duluth, Minnesota, August 8, 2022 - 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 Econo Lodge Duluth Near Miller Hill Mall, an 87-room hospitality property located in Duluth, Minnesota, according to Todd E. Lindblom, regional manager of the firm's Minneapolis office.
Jon Ruzicka, Jake Erickson, Jared Plamann and Joseph Ferguson, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller. The buyer was procured by Ruzicka, Erickson, Plamann and Ferguson as well.
Econo Lodge Duluth is located at 4197 Haines Road in Duluth, Minnesota. Through an all-encompassing marketing effort, the listing team was able to facilitate twelve property tours from a wide range of regional and out-of-state investors ultimately selecting, and selling to, a West Coast investment group. Per Ruzicka, "The wide range of interest represents the strength of the Duluth hospitality market. This market has seemingly assumed the top spot in terms of buyer desirability for hospitality properties in the state of Minnesota. Rarely are hotels here offered for sale." This sale marks the 56th hotel transaction for the team of Ruzicka, Erickson, Plamann and Ferguson out of Marcus & Millichap's Minneapolis office.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 21:24:05 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
