Marcus & Millichap : Brokers Sale of Best Western Crossroads Inn
May 31, 2022 at 02:01 pm EDT
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DEFUNIAK SPRINGS, Fla., May 31, 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 Best Western Crossroads Inn, a 100-room hotel property in DeFuniak Springs, Florida.
"This property offered the buyer a great opportunity to invest in the fast-growing Highway 331 corridor," says Grant Reaves. "They plan to perform renovations within the next two years to further capitalize on the excellent location."
Reaves, a senior associate in the firm's Mobile, Alabama office, had the exclusive listing to market the property on behalf of the seller, ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬the original development group who has operated it since it was built in 1977. The buyer is a regional development group with a sizable hospitality portfolio throughout the Florida panhandle. Ryan Nee assisted in this transaction as the firm's Florida broker of record.
Best Western Crossroads Inn is located at 2343 US-331 in DeFuniak Springs, Florida. It is positioned at the intersection of Interstate 10 and Highway 331, which is used by leisure travelers to access 30A, Destin and Panama City Beach.
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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 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 18:00:12 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. 
