The Best Interstate Inn, a budget-friendly, 100-room hospitality property located in Wheat Ridge, has sold for $5.5 million. According to Marcus & Millichap, the two-building, 40,928-square-foot offering is situated across 3.07 acres and provides the buyers with a multifamily conversion opportunity.
Christy McDougall, associate, in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was procured by McDougall.
“By leveraging our national platform, our team was able to quickly identify and eventually close with a private investor looking to expand in the Denver MSA,” commented McDougall. “The end result was a successful closing where our client achieved their desired returns and our investor was able to acquire a property that is an ideal addition to their expanding portfolio.”
According to public records, the property last sold on April 19, 2010 for $1,975,000.
Built in 1971, the Best Interstate Inn Wheat Ridge is located at 4735 Kipling Street, a home-rule municipality in Jefferson County, Wheat Ridge is positioned five miles west of Denver as a part of the Denver-Aurora-Lakewood Metropolitan Statistical Area.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.