OAKLAND , CA, August 13, 2015 – 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 3431 San Pablo Avenue, a 0.34-acre parcel of land located in Oakland, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $925,000.
Marcus & Millichap’s Oakland office had the exclusive listing to market the property on behalf of the seller, a limited liability company. Matthew Reagan, Associate in the Oakland office, assisted in closing the deal.
The subject property is currently a retail development but is zoned RU5 for high density residential with the possibility of constructing a seven-story, 54-unit building on the property. The 15,000-square foot lot contains 12,000 square feet of buildable space. Located just south of Interstate 580 between Interstates 80 and 980, 3431 San Pablo Avenue is situated in the path of development for the Emeryville/Oakland border.
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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