WARSAW, IN, September 7, 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 Plus Warsaw, a 76-room hospitality property located in Warsaw, Indiana, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office.
Ebrahim Valliani, first vice president, and Michael Gantman, associate, investment specialists in Marcus & Millichap’s Chicago Oak Brook and Chicago Downtown offices, respectively, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Valliani and Gantman, with Josh Caruana, Indiana regional manager and broker of record, aiding in closing this transaction. Allan Miller, senior vice president, and Chris Gomes, senior managing director, investment specialists in Marcus & Millichap’s Austin and Dallas offices, respectively, were also listed on the deal as supporting brokers.
“Strong motivation from both the buyer and seller greatly expedited the escrow process,” Gantman explained. “The deal was only under contract for a month before it closed, a very quick timeline for a value-add hotel.”
Best Western Plus Warsaw is located at 3825 Lake City Highway in Warsaw, Indiana. The 76-room property was built in 1998 and situated on a 2.2-acre lot.
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 525 hotels across the nation since its inception. The team has over 70 active listings across 21 states with 34 assets under contract and 65 closings this year. Of these, the Midwest Group, comprised of Ebrahim Valliani, Michael Klar, and Michael Gantman, has secured 19 closings this year and 100 in total.
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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
