NOVATO, CA, November 27, 2018 – 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 Diablo Plaza, a 10,948-square foot retail property located in Novato, California, according to David C. Nelson, Regional Manager of the firm’s Oakland office. The asset sold for $5,600,000.
The buyer, a limited liability company, was secured and represented by Ethan H. Pintard, First Vice President Investments in Marcus & Millichap’s Oakland office.
Diablo Plaza is located at 975 Diablo Avenue in downtown Novato. The fully leased retail center includes Panda Express, Orangetheory Fitness and Domino’s. 46 parking spaces are also included on the 38,202-square foot lot. Diablo Avenue is a major arterial with access to Highway 101 that sees average weekday traffic counts of nearly 19,000 vehicles. The area features many other major retailers, including Safeway, Rite Aid, Dollar Tree and Subway directly across the street, as well as Whole Foods Market, Trader Joe’s, Peet’s Coffee, Chipotle, and McDonald’s.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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