Marcus & Millichap : Arranges the Sale of Large Acre of Land Near Disney for $3.8M

ORLANDO, Fla., Dec. 21, 2021 - 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 Hyatt House, a 2.16-acre parcel of land located in Orlando, Florida, according to Ryan Nee, first vice president and regional manager of the firm's Miami office. The asset sold for $3,800,000.

The buyer, a limited liability company, was secured and represented by Ahmed Kabani, of the Kabani Hotel Group in Marcus & Millichap's Miami office.

"The buyer has plans of developing the 110-room Hyatt House, indicating a per key acquisition of over $34,500 for the land basis alone," said Kabani. "This sale serves as a prime example of current market conditions and the strong bullish sentiment within the area."

The Hyatt House property is located at 11901 Ravallo Resort Dr in Orlando, Florida. The land is comprised of four lots and is directly located off Palm Parkway which runs parallel to the stretch of Interstate-4 near Walt Disney World Resort.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.