Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it brokered the sale of the Regency Inn at 1350 E. Ogden Ave. in Naperville, Ill., for $3.35 million, according to Steven Weinstock, regional manager and first vice president for the firm’s Chicago Oak Brook office. The buyer, Northbrook, Ill.-based MZ Capital Partners, plans to provide 112 micro apartments on the site.
Marcus & Millichap’s Ebrahim Valliani, vice present of investments and director, national hospitality group; Michael Klar, associate; Chris Gomes, senior managing director of investments; and Allan Miller, senior vice president of investments, represented MZ Capital as well as the seller, Prime Motel Inc.
“Despite its visible location near the border of Naperville and Lisle, the hotel was not well-occupied and had significant deferred maintenance,” said Valliani. “Buyers could not visualize the possibilities, so the property sat on the market for many years before we got involved.” When Valliani and his team were hired to sell the property, they reached out Marcus & Millichap’s extensive national network of multifamily investors as well as hospitality buyers and soon had multiple offers.
MZ Capital’s proposal to provide high-amenity studio apartments to the site won unanimous approval from the Naperville City Council.
The Regency Inn is a two-story, 122-room exterior corridor hotel at the intersection of Ogden Avenue and North Naper Boulevard. The site offers immediate access to retail, restaurants and entertainment, including the Freedom Plaza and Freedom Commons developments south of Interstate 88. In addition to being near the expressway, the Regency Inn is just a five-minute drive to the Naperville and Lisle Metra stops.
“Ebrahim Valliani and Michael Klar brought us this opportunity and were flawless and professional on execution and bringing the transaction to closing,” said Michael Zaransky, founder and managing principal of MZ Capital.
Marcus & Millichap is the nation’s leading broker of hospitality properties between $1 million and $10 million. In 2019, the Chicago Oak Brook office of Marcus & Millichap brokered 21 hospitality properties worth $88.5 million.
About Marcus & Millichap (NYSE: MMI)
With nearly 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
Marcus & Millichap brokered the $3.35 million sale of the Regency Inn at 1350 E. Ogden Ave. in Naperville, Ill. Buyer MZ Capital plans to provide micro apartments on the site.