Marcus & Millichap Announces the Sale of a 1.24-Acre Development Site and Beachfront Motel for $6M
Christopher Passeggiata, Ely Silverstein, Gabriel Shamay and David Greenberg, investment specialists in Marcus and Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller. Silverstein, Passeggiata, Shamay, and Greenberg also procured the buyer. It is the first time the property has been traded in three decades.
“The property was a legacy asset with more than 30 years in the family. We properly advised our long-term client on timing to ultimately capture top of the market pricing,” said Passeggiata.
“We are excited to facilitate this sale to a South Florida-based investor who understands the long-term upside in the Daytona Beach market,” said Silverstein. “This is another example of out-of-area capital migrating into the Daytona Beach area. This deal is one of four beachfront Volusia County hotels we have scheduled to close within the next sixty days.”
Located directly off of Florida State Road A1A, the property is a short drive from the area's major tourist destinations, including world-renowned beaches and the Daytona International Speedway, home of the famous Daytona 500 NASCAR race. Built in 1967, the hotel features 150 feet of beach frontage with the potential to be redeveloped into a new multifamily or hospitality structure.
“We generated a full list price offer and several backup offers within the first two weeks of marketing the Ocean Court,” added Passeggiata.
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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.