Marcus & Millichap Arranges the Sale of a 10,000-Square Foot Net-Leased Property

Marcus & Millichap, Hayward, Kelly-Moore Paints, Palo Alto, San Francisco, San Carlos, commercial real estate news

HAYWARD, CA, November 3, 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 Kelly-Moore Paints, a 10,000-square foot net-leased property located in Hayward, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $2,250,000.

unnamed-1Bryan Webb and Bill Allen, investment specialists in Marcus & Millichap’s San Francisco and Palo Alto office, had the exclusive listing to market the property on behalf of the seller, a private investor.

Kelly-Moore Paints store located at 28722-28724 Mission Boulevard in Hayward, CA. Kelly-Moore has been the tenant at this property for approximately 44 years, and executed a new lease in 2006 for an additional 15-year term. This offering presents an investor with an opportunity to acquire a freestanding corporate Kelly-Moore property in an excellent San Francisco suburban market with a corporate, NNN lease. Kelly-Moore subleases a small portion of the building to a local flooring retailer.

Kelly-Moore is the largest employee-owned paint companies in the United States with approximately 163 retail stores, approximately 1,500 employees, and three strategically located manufacturing facilities in key markets: San Carlos, California; Seattle, Washington; and Hurst, Texas. The property was constructed in 1970.

 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

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