Press Releases
Marcus & Millichap Announces Sale of Days Inn in Salem, Virginia
March 26, 2024
SALEM, Va., March 26, 2024 – 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 a Days Inn located in Salem, Va. The property sold for $3,100,000.
“Having recently sold a few assets in the Roanoke MSA, we were able to identify a 1031 Exchange Buyer with strong terms,” said Milin Mehta, associate.
Mehta, Chase Dewese, Jack Davis and Joce Messinger, investment specialists in Marcus & Millichap’s Charlotte Uptown and Charleston offices, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
“This marks the fifth hotel in the last nine months that we have transacted in the state of Virginia,” adds Dewese, first vice president investments. “Our expertise in the market accompanied by our current and newly developed relationships allow us to continue assisting our clients in the region.”
Built in 1974, Days Inn Salem is located at 1535 E. Main St. The two-story, 70 room hotel offers amenities such as complimentary breakfast and a fitness center. The asset is within a 5-minute drive of Roanoke College and Salem Memorial Football Stadium.
“Having recently sold a few assets in the Roanoke MSA, we were able to identify a 1031 Exchange Buyer with strong terms,” said Milin Mehta, associate.
Mehta, Chase Dewese, Jack Davis and Joce Messinger, investment specialists in Marcus & Millichap’s Charlotte Uptown and Charleston offices, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
“This marks the fifth hotel in the last nine months that we have transacted in the state of Virginia,” adds Dewese, first vice president investments. “Our expertise in the market accompanied by our current and newly developed relationships allow us to continue assisting our clients in the region.”
Built in 1974, Days Inn Salem is located at 1535 E. Main St. The two-story, 70 room hotel offers amenities such as complimentary breakfast and a fitness center. The asset is within a 5-minute drive of Roanoke College and Salem Memorial Football Stadium.
# # #
About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
