Marcus & Millichap Arranges Sale of 9,500-Square Foot Retail Building in Oakland for $2.6MM

OAKLAND, CA, September 25, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 3300 Lakeshore Avenue, a 9,479-square foot retail property located in Oakland, California, according to Jeffrey M. Mishkin, First Vice President/Regional Manager of the firm’s Oakland office. The asset commanded a sales price of $2,625,000.

Michael Cisternino, Senior Associate in Marcus & Millichap’s Oakland office, represented the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Michael Cisternino.

The subject property located at 3300 Lakeshore Avenue is a two-story building on a 0.14-acre lot with a large parking lot behind the property. The ground floor retail space consists of 6,000 square feet and is currently occupied by Blockbuster Video. The second floor space totals 3,479 square feet and is divided into three units.

Constructed in 1943, the property benefits from 50 feet of street frontage on Lakeshore Avenue. The building is bolstered by the mix of national retailers surrounding it, including Trader Joe’s, Walgreens, CVS, Starbucks, Chipotle, Gap and Verizon Wireless. Located one block from Interstate 580, 3300 Lakeshore Avenue is within close proximity to Piedmont, Montclair and downtown Oakland, as well as the remainder of the Bay Area.

With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

West Coast Commercial Real Estate News