Oakland Retail Building Sells for $2.2MM

OAKLAND, CA, April 19, 2018 – 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 Citibank, a two-unit retail building located in Oakland, California, according to David C. Nelson, Regional Manager of the firm’s Oakland office. The asset sold for $2,210,000.

David Ching, First Vice President Investments in Marcus & Millichap’s Oakland office, co-listed the property on behalf of the seller, a private investor. The buyer, also a private investor, was represented by David Ching and Louis Kwok, an Associate in Marcus & Millichap’s Oakland office.

Citibank is located at 801 Franklin Street in the heart of Oakland’s Chinatown. “The prime signalized corner, retail transit-oriented location and dense surrounding population bring significant foot traffic to this site which has helped contribute to their phenomenal deposits of $252 million. This location ranks number one out of all the city of Oakland’s Citibank branches in deposits,” said David Ching.

In addition to the convenient location, the high cap rate of 6.50 percent proved appealing to the buyer. “With alternative investments offering low returns, buyers find leased investments to quality credit tenants a predictable way to generate attractive income through all market cycles coupled with minimal landlord obligations,” concludes Louis Kwok.

About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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