CAMBRIA, CA, September 8, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bluebird Inn, a 37-room hospitality property located in Cambria, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $4,700,000.
Rick Lahkar, an investment specialist in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
Bluebird Inn is located at 1880 Main Street in downtown Cambria. The inn is situated on a 1.1-acre lot and the sale also included the undeveloped 0.89-acre parcel adjacent to Bluebird Inn. The inn itself consists of five separate buildings with a mix of single, double and deluxe rooms and suites, as well as a storage room. A sixth building houses the reception, lobby and manager/owner’s quarters with 1,700 square feet of living space, including two-bedrooms, two-baths, a full kitchen and a den/office area. Constructed in 1920, the inn has undergone many renovations throughout the years, most recently in 1996. Located off of Highway 1 along California’s Central Coast, Bluebird Inn is just four miles south of the historic Hearst Castle.
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.