Press Releases
Marcus & Millichap Brokers $5.9M Sale of Redevelopment-Ready Motel Site in Pompano Beach
March 26, 2025
POMPANO BEACH, Fla., Mar. 26, 2025 – 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 Lighthouse Point Hotel, a 2.72-acre development site located at 4211 N Federal Highway in Pompano Beach, Florida, for $5.9 million.
“The closing of this property is another example of the strong demand for well-located multifamily development sites in South Florida,” said Austin Michels, associate. “Despite market headwinds, including rising construction costs, high interest rates, an oversupply of new housing and proposed tariffs, we successfully closed this nearly three-acre, unentitled site at record pricing. It underscores both the long-term potential of the property and the resilience of the South Florida market.”
Michels, Brandon Rex and Evan P. Kristol, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller in the transaction.
“The Kristol Group of Marcus & Millichap collaborated with an outside brokerage firm after creating a competitive bidding environment between local investors and out-of-area capital,” Michels added. “By engaging the broader brokerage community, we were able to generate strong interest and ultimately deliver the best result for our client.”
The property includes three contiguous parcels totaling approximately 118,451 square feet of land with 138 feet of frontage along Federal Highway. The property is zoned B-3 (General Business), which allows for a range of development options including multifamily, hotel, retail, office, and assisted living.
“The closing of this property is another example of the strong demand for well-located multifamily development sites in South Florida,” said Austin Michels, associate. “Despite market headwinds, including rising construction costs, high interest rates, an oversupply of new housing and proposed tariffs, we successfully closed this nearly three-acre, unentitled site at record pricing. It underscores both the long-term potential of the property and the resilience of the South Florida market.”
Michels, Brandon Rex and Evan P. Kristol, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller in the transaction.
“The Kristol Group of Marcus & Millichap collaborated with an outside brokerage firm after creating a competitive bidding environment between local investors and out-of-area capital,” Michels added. “By engaging the broader brokerage community, we were able to generate strong interest and ultimately deliver the best result for our client.”
The property includes three contiguous parcels totaling approximately 118,451 square feet of land with 138 feet of frontage along Federal Highway. The property is zoned B-3 (General Business), which allows for a range of development options including multifamily, hotel, retail, office, and assisted living.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
