Marcus & Millichap Inc.
Marcus & Millichap Inc.
02/07/2024 | Press release | Distributed by Public on 02/07/2024 20:51
Marcus & Millichap Announces Sale of Pine Grove Resort in Wisconsin
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Marcus & Millichap Announces Sale of Pine Grove Resort in Wisconsin
July 02, 2024
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EPHRAIM, Wis., July 2, 2024 - 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 Pine Grove Resort, a 45-room hotel property located on the shores of Eagle Harbor in Ephraim, Wisconsin.
"This was truly a unique opportunity to acquire a hospitality asset in the extremely desirable and seldom available Door County area," said Jon Ruzicka, first vice president investments. "The response to this offering was so overwhelming that the listing team and ownership suspended the marketing effort shortly into its commencement to work with the already engaged qualified buyers. The listing team ultimately generated multiple offers above list price, closing with a buyer that has long awaited the opportunity to acquire a Door County property."
Ruzicka, Joseph Ferguson, Jared Plaman and Jake Erickson, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Todd Lindblom, Broker of Record in Wisconsin, assisted in the transaction.
Located at 10080 North Water Street in Ephraim, the resort is surrounded by vibrant nature and culture, including landscapes for outdoor activities, art galleries and historical attractions. The property is situated on two acres, boasting 200 feet of shoreline and a 40-foot pier with a private beach. Built in 1978, the non-franchised hotel features amenities such as an indoor pool and whirlpool, fitness center, fire pits, and substantial outdoor green space.
"This was truly a unique opportunity to acquire a hospitality asset in the extremely desirable and seldom available Door County area," said Jon Ruzicka, first vice president investments. "The response to this offering was so overwhelming that the listing team and ownership suspended the marketing effort shortly into its commencement to work with the already engaged qualified buyers. The listing team ultimately generated multiple offers above list price, closing with a buyer that has long awaited the opportunity to acquire a Door County property."
Ruzicka, Joseph Ferguson, Jared Plaman and Jake Erickson, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Todd Lindblom, Broker of Record in Wisconsin, assisted in the transaction.
Located at 10080 North Water Street in Ephraim, the resort is surrounded by vibrant nature and culture, including landscapes for outdoor activities, art galleries and historical attractions. The property is situated on two acres, boasting 200 feet of shoreline and a 40-foot pier with a private beach. Built in 1978, the non-franchised hotel features amenities such as an indoor pool and whirlpool, fitness center, fire pits, and substantial outdoor green space.
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About Marcus & Millichap, Inc. (NYSE: MMI)
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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.