Longmont, CO – Marcus & Millichap announced the sale of a 2.01 acre fully entitled land parcel suitable for hotel development in Longmont, Colorado. The $1.2 million dollar sales price equates to $13.77 per square foot.
Bob Kaplan and Brandon Kramer, senior investment specialists in Marcus & Millichap’s Denver office represented the seller, a private investor. The buyer, a national hotel developer, was procured by Neville Rustomjee, senior hospitality specialist also located out of the firm’s Denver office.
“This transaction was a really fun deal to market. The growth of Longmont and the story the municipality has to tell was a great driver for the demand on this land and the subsequent development. To see this parcel attract national attention from the hotel industry was really exciting.” states Kramer.
Sherman Village Hotel Land is located at 1319 Grand Avenue in Longmont, Colo. at the top of the diagonal highway to Boulder. Kramer states, “Through our national network of agents, we were able to identify multiple hotel developers with significant interest in the Longmont market. After several rounds of offers, we ultimately settled on this buyer, an experienced developer that was able to successfully navigate the city’s requirements to win approval for their project.”
Rustomjee works with local and national hotel groups seeking existing hotel investments and land for hotel development. “I have been working with this national hotel group for a couple years, trying to find them a suitable hotel site. It is nice to have found them a parcel that meets their investment criteria.” states Rustomjee.
Image courtesy of Marcus & Millichap
