13-Acre Richmond Land Parcel Sells for $13.7MM

Northern California, Marcus & Millichap, Richmond, Bay Area, Joinn Innovation Park-Biotechnology Acceleration Campus

Northern California, Marcus & Millichap, Richmond, Bay Area, Joinn Innovation Park-Biotechnology Acceleration Campus

RICHMOND, Calif., Dec. 19,2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 13-acre land parcel located directly in front of the Joinn Innovation Park-Biotechnology Acceleration Campus at 2600 Hilltop Drive in Richmond, California.

Jeffrey Ida of Marcus & Millichap’s San Francisco office represented the seller and procured the buyer on the $13.7 million sale.

“The transaction, which is part of a 1031 exchange, took months to structure,” says Ida. “Our investment strategy focused on providing the seller with the ability to capitalize on the sale of excess land and trade into an income-producing property while maintaining the integrity of the biotech campus. We worked with the buyer and seller to overcome historical deed restrictions, environmental concerns and come to a fair agreement on the shared and private easements as it was imperative to not be detrimental to the biotech campus. The outcome is truly a win-win situation for all parties.”

About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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

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