Marcus & Millichap Real Estate Investment Services, the nation’s largest Real Estate Investment Services firm, has announced the sale of Comfort Suites, a 53 room hospitality property located in Budd Lake, New Jersey, according to Michael J. Fasano, Vice President/Regional Manager of the firm’s New Jersey office. The asset commanded a sales price of $1,750,000.
Umar Sheikh, an investment specialist in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. He also secured and represented the buyer, a private investor. There was tremendous demand for the asset, according to Mr. Sheikh, “It’s not often that a flagged hotel comes to the market in Northern New Jersey, so when this became available, investors were very interested. We received multiple offers and when it came down to it, one investor separated himself from the rest and won the deal.”
The deal was subject to a finance contingency and closed forty-five days after the signing of the contract. The investor’s strategy for this asset is to reflag it as a Super 8, which they believe is better suited to accommodate the local market.
Comfort Suites is a two-story, interior corridor hotel that was built in 2001 and has been very well maintained over the years. It is located at 102 Route 46 West, just one mile from the International Trade Center, which has accommodated over 4,000,000-square feet of office/industrial space.
With more than 1,000 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 industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.