PORT ARTHUR, TX, February 24, 2010 â€“ Marcus & Millichap Real Estate Investment Services, the nationâ€™s largest real estate investment services firm, has announced the sale of Hampton Inn & Suites, a 72 room hospitality property located in Port Arthur, TX, according to Brent Smith, Regional Manager of the firmâ€™s Houston office. The asset commanded a listing price of $7,700,000.
Michael Yu and Rahul Bijlani, investment specialists in Marcus & Millichapâ€™s Houston office, had the exclusive listing to market the property on behalf of the seller, a Texas based partnership.Â The buyer, a Maryland based partnership was also secured and represented by Yu and Bijlani.Â
Hampton Inn & Suites is located at 7660 Memorial Boulevard.Â It was built in 2007 and sits on 1.619 acres of land.
With more than 1,300 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 3,756 transactions in 2008, 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.