Marcus & Millichap Closes $15 Million Sale Of 120-Room Residence Inn By Marriott In Boca Raton
The buyer plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
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The buyer plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
Michael Alaoui, senior director investments in Marcus & Millichap’s Miami office, represented the seller and procured the buyer in an all-cash transaction.
The 12-story development will feature luxury studios, one-, and two-bedroom apartments along with 12,500 square feet of ground-floor retail.
CBRE’s Calum Weaver and Perry Synanidis represented the seller, IMC Equity Group, in the transaction.
The acquisition marks The Easton Group’s second acquisition within the Gratigny submarket.
The luxury fitness club will make its debut in Fort Lauderdale with a 35,000 square-foot facility.
Cushman & Wakefield’s Beau Ladwig and Donna Korn represented Workman Injury Law in the transaction.
This transaction is one of the highest sales to date for a small-bay industrial investment property in the Lake Worth market.
In total, the Florida-based team, led by Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, executed 35 deals across the country, including 12 acquisition loans, two equity raises, one construction loan, three land loans, and 17 strategic refinances.
Completed in 2023, Osprey Logistics Park consists of two state-of-the-art industrial buildings featuring 36-foot clear heights, 180-foot truck courts, 235-foot building depths and 54-foot column spacing.
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