HAYWARD, CA, August 9, 2016 – 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 a 15,600-square foot industrial property located in Hayward, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $2,400,000.
Jon Holmquist and Jeffrey Ida, investment specialists in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust private investor.
The subject property is located at 29425 Ruus Road in Hayward, California, a 15,600-square foot building with approximately 6,000-square feet of warehouse and two 4,800 square feet levels of office on a 1.56 acre fenced parcel. This was a challenging assignment, the building’s 4,800 square feet of mezzanine level office greatly reduced the warehouse square footage, there was neighborhood opposition to industrial uses which the property zoning permitted, lastly the property was encumbered by a long term cell phone tower easement to the rear of the property that allowed for 24/7 access without notice to the landlord.
About Marcus & Millichap
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