DANVILLE, Calif., June 23,2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Village Shopping Center, a 67,192-rentable square-foot, 2-story retail center located in Danville, California. The asset traded for $20.4 million or $303 per square foot.
“Built in 1977, Village Shopping Center is a pillar of the local Danville community, featuring a diverse tenant roster of independently owned and operated businesses that withstood the effects of the pandemic and maintained an excellent occupancy rate of 97%,” said Vince Schwab, executive managing director investments. “The property benefits from its excellent location just off of San Ramon Valley Boulevard, one of the most traveled streets in Danville with over 22,000 average daily traffic.” Schwab was the exclusive agent for this transaction, representing the seller, Montair Associates, and procuring the buyer, Blake Griggs Properties, LLC. The transaction closed on June 21st, 2022.
Village Shopping Center currently features 32 tenants, ranging from essential services to restaurants and office spaces. Some of the notable tenants include: Fitness 19, Danville Chamber of Commerce and Discovery Counseling Center. “Danville is one of the wealthiest suburbs in the United States with an average household income of over $220,000 within a 5-mile radius,” added Schwab. “Given the strong submarket demographics and consistent tenant demand, this was a highly competitive sales process that led to multiple strong offers to acquire the Village Shopping Center.”
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.