Medical Office Building Trades Hands for $1.9 Million

Marcus & Millichap, San Francisco, Palo Alto, Commercial Real Estate News

SAN FRANCISCO, May 20, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a 7,122-square-foot medical office building in San Francisco, according to Steven J. Seligman, regional manager of the firm’s Palo Alto office. The asset sold for $1,900,000.

Russ Panowicz, vice president investments in Marcus & Millichap’s Palo Alto office, had the exclusive listing to market the property on behalf of the seller, a private investor.Panowicz also represented the buyer, another private investor.

image007-1The property is located at 890 Jackson St. on the Powell Street cable car line in San Francisco’s Chinatown. The asset is very close to Chinese Hospital, a 59-bed, acute-care, community-owned, non-profit hospital offering a wide range of medical, surgical and specialty programs, which is undergoing major renovations.

The 890 Jackson St. building has been 100 percent occupied for many years. Currently, there are eight tenants representing a variety of medical practices. The building also has a rooftop cell tower.

 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.

West Coast Commercial Real Estate News