Sep
07
Marcus & Millichap Sells Silicon Valley Retail Strip
ByThe three-property retail strip had a price tag of $13.5 million or $974 per square foot.
633 Laurel St., San Francisco
San Francisco—Marcus & Millichap has announced the sale of a three-property retail strip on the San Francisco Peninsula in San Carlos, Calif. The $13.5 million worth acquisition was financed through an approximately $6.9 million loan arranged by Mark One Capital. The buyer was represented by Fabio Sangiorgi, associate vice president investments with Marcus & Millichap. David Campbell, vice president capital markets with Mark One Capital, arranged the fixed-rate, interest-only financing.
“The buyer is a 1031-exchange investor we guided through the transition from an East Bay shopping center asset into an income property with redevelopment potential in Silicon Valley,” Sangiorgi said in prepared remarks…
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