Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of land for development in Brickell, according to Scott Lunine, Regional Manager of the firm’s Miami office. The land sold for $10.25 million.

“The acquisition secures the development of a Residence Inn by Marriott in the coveted district of Brickell, one of the most exclusive markets in Miami,” said Ahmed Kabani, first vice president investments and senior director of Marcus & Millichap’s National Hospitality Group.” Kabani procured the buyer, a limited liability company.

The .69 acres of land will become the new home for a Residence Inn by Marriott. The property is nine miles from Miami Beach and seven miles from Miami International Airport. Additionally, the land is minutes away from Miami’s premier restaurants, shops and bars.