Dealmaker: Marcus & Millichap Closes $26M for Fla. Retail, Hotel

Marcus & Millichap, Calabasas, Calif., closed $26.3 million in Florida retail and hotel transactions.

Quality Suites, Lake Buena Vista, Fla.

Marcus & Millichap sold Quality Suites Lake Buena Vista, a four-story, 123-room hotel property on 5.8 acres in Orlando. Nee said the asset sold for $12.5 million.

“[Quality Suites Lake Buena Vista] is a prime example of the international demand the Orlando market is receiving,” said Ahmed Kabani, Senior Vice President of Investments in Marcus & Millichap’s Miami office. Kabani listed the property and secured and represented the foreign private investor buyer.

Quality Suites Lake Buena Vista is located at 8200 Palm Parkway near the Walt Disney World Resort, Universal CityWalk and the Orange County Convention Center.

Marcus & Millichap also sold the 131,500-square-foot retail property Heart of Florida Shopping Center in Haines City for $13.8 million.

Tim Giambrone, Investment Specialist in Marcus & Millichap’s Atlanta office, listed the property for the private investor seller. Giambrone also secured and represented the private investor buyer. Ryan Nee, Marcus & Millichap’s broker of record in Florida, assisted in closing the transaction.

“The environment continues to be ideal for sellers due to a limited supply of reliable assets, plenty of liquidity and low interest rates,” Giambrone said. “However, recent plans from the Federal Reserve to begin tapering its bond purchasing program could eventually lead to a change in the market. In the meantime, though, savvy sellers will continue to reap the benefits from buyers who need to spend money to achieve decent returns.”

Giambrone said The Heart of Florida Shopping Center is a stabilized center with a tenant lineup that includes Big Lots and Tractor Supply Co. The area’s population has grown more than 70 percent since 2000.