SAN JOSE, CA, May 29, 2014 – 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 1.6 acre industrial land site located in San Jose, Calif., according to Steven J. Seligman, regional manager of the firm’s Palo Alto office. The asset sold for $2,560,950.
Anh Stovall and J.J. Taughinbaugh, investment specialists in Marcus & Millichap’s Palo Alto office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
The property is located at the corner of 757 Commercial Street and 1200 & 1202 Oakland Road in San Jose, California. This is the first time the property has transacted in over 50 years. The property has a colorful past, and at one point in time, housed the iconic Nola Fruit Stand back when the valley was known for its fruit orchards instead of its silicon wafers. The property has three tenants: Bay Area Truck Services, Flyers Gas Station, and Blair Glass.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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