|Monday, February 20, 2012|
Marcus & Millichap Real Estate Investment Services, the nationâ€™s largest real estate investment services firm, has announced the sale of Interstate Motor Lodge Houston, a 76 room hotel property located in Houston, TX, according to David H. Luther, Regional Manager of Marcus & Millichapâ€™s Houston office. The asset commanded a list price of $3,000,000.
Michael Yu, Rahul Bijlani, and Eric Guerrero, investment specialists in Marcus & Millichapâ€™s Houston office had the exclusive listing to market the property on behalf of the seller. Within a two week timeline, the group generated multiple offers from local and out of state buyers at the full list price. The ultimate buyer was secured and represented by Michael Yu, Rahul Bijlani, and Eric Guerrero and closed the transaction in less than 30 days. The property sits on over eight acres and is located at 13213 Interstate 10 East.
Yu and Bijlani have expertise creating maximum value for their clients by creating a national market, procuring multiple offers from qualified buyers and actively managing the sale process to ensure a high probability of closing.
Yu and Bijlani have closed 15 transactions in the last 12 months, with two hotels currently in escrow.
With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industryâ€™s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.