MADISON, WI November 2, 2022– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Best Western West Towne Suites Madison, a 101-room hospitality property located in Madison, WI, according to Todd E. Lindblom, regional manager of the firm’s Minneapolis office.
Jared Plamann, Jon Ruzicka, Jake Erickson and Joseph Ferguson, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller. The 1031 buyer was procured by Plamann, Ruzicka, Erickson and Ferguson as well.
Best Western West Towne Suites – Madison is located at 650 Grand Canyon Dr Madison, WI 53719. Through an all-encompassing marketing effort, the listing team was able to facilitate 12 property tours from a wide range of investors throughout the Midwest region to out of state capital, both private and institutional. This wide range of interests represents the desirability of a strong performing asset in a highly sought after, high barrier of entry market. This legacy property had remained with previous ownership for almost 20 years. The transaction closed within 6 months of being marketed. This sale marks the 59th hotel transaction for the team of Ruzicka/Plamann/Erickson/Ferguson out of Marcus & Millichap’s Minneapolis office.