OAKLAND, Calif., Feb. 28, 2017– 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 a 26,440-square-foot land parcel at 3875 Telegraph Avenue in Oakland, California, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The 13,052-square-foot medical office building on the parcel and all its improvements are owned by the ground lessee, the Surgery Center of Alta Bates and Summit Medical Center. The asset sold above list price for $4.5 million.
Jeffrey Ida, associate, John Glass, executive managing director investments, and Vincent Schwab, senior managing director investments, all in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a partnership, and procured the buyer, a personal trust.
“The sale is the culmination of a process that began years ago,” says Ida. “The fee simple interest was encumbered by a long-term ground lease with minimal rent increases and the land below the surgery center, a former Regency Gas station, has a history of extensive environmental contamination. Nonetheless, our marketing process produced a double-digit amount of offers and in the end, multiple offers over list price,” Ida continues. “Ultimately, we procured a buyer that accepted the environmental condition and provided the seller with indemnification and release from liability without conducting a Phase 2 environmental inspection.”
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