Marcus & Millichap brokers Gordon Allred, Teina Tahauri and Steve Hsu of the firm's Ontario office, who brokered the sale, say the deal closed at a 9% cap rate. The buyer, Palmdale Resort LLC, acquired the inn for $77,703 per unit and $160 per sf. The Holiday Inn Palmdale is located at 3860 5th St. It was constructed in 1988 and was fully renovated in 2000.
The sale includes approximately three acres adjacent to a proposed Palmdale Convention Center. Property amenities include a full-service restaurant, lounge, meeting rooms, exercise room and outdoor pool. The proposed convention center is part of an economic development push by Palmdale officials, who have promoted the building of new retail, industrial and other commercial properties in the city in recent years.
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