Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently brokered the sale of a Days Inn located in Salem, VA. The property sold for $3.1 million.
“Having recently sold a few assets in the Roanoke MSA, we were able to identify a 1031 Exchange Buyer with strong terms,” said Milin Mehta, associate, Marcus & Millichap.
Mehta, Chase Dewese, Jack Davis and Joce Messinger, investment specialists in Marcus & Millichap’s Charlotte Uptown and Charleston offices, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Brian Hosey, broker of record in Virginia, assisted in closing the transaction.
“This marks the fifth hotel in the last nine months that we have transacted in the state of Virginia,” said Dewese, first VP, investments, Marcus & Millichap. “Our expertise in the market, accompanied by our current and newly developed relationships allow us to continue assisting our clients in the region.”
Built in 1974, the two-story, 70-room hotel offers amenities such as complimentary breakfast and a fitness center. The asset is close to Roanoke College and Salem Memorial Football Stadium.
