Marcus & Millichap Arranges Sale of 2,932-Square Foot Net-Leased Building in Pittsburg, CA for $2.9MM

Pittsburgh, Marcus & Millichap, Oakland, East Bay, Bay Area

Pittsburgh, Marcus & Millichap, Oakland, East Bay, Bay AreaPITTSBURG, CA, August 2, 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 4470 Century Boulevard, a 2,932-square foot net-leased property located in Pittsburg, California, according to Kent R. Williams, Regional Manager of the firm’s Oakland office. The asset sold for $2,900,000.

The buyer, a limited liability company, was secured and represented by David Ching, Vice President Investments in Marcus & Millichap’s Oakland office.

The subject property is a Taco Bell owned by the largest franchisee in California. The triple-net lease has 18 years remaining with three five-year options of 10 percent increases. Constructed in 2003, the restaurant features a drive-through window and 23 parking spaces on the 0.728-acre lot. The property benefits from its prime location next to Highway 4 and across the street from Century Plaza Shopping Center, a major retail hub in Pittsburg. Neighboring tenants include Macy’s, JC Penney, Sears, Target, Costco, Lowe’s, Bank of America, Chipotle, In-N-Out Burger, CVS, Big Lots, Wells Fargo and PetSmart.

About Marcus & Millichap (NYSE: MMI)
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

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