Press Releases
Marcus & Millichap Arranges the Sale of a 4,800-SF Industrial Building in Redwood City, California
March 12, 2024
REDWOOD CITY, Calif, April 4, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 4,800-square-foot industrial property located in Redwood City, California. The asset was sold for $1,750,000.
“The seller was looking to do a 1031 exchange into a higher cash flow asset,” shared Carlos Azucena, first vice president investments in Marcus & Millichap’s Palo Alto office. “The Property was on the market for 95 days; The firm’s platform helped with broad exposure to all qualified investors. It was a long escrow while we worked to vacate the space.” Azucena and Joshua Johnson, first vice president investments in the firm’s Palo Alto Office, had the exclusive listing to market the property on behalf of the seller, an individual.
Built in 1975, The property is located at 2549 Middlefield Road in Redwood City, California. The asset features two grade level roll-up doors, office space and two bathrooms. Additionally, the property is currently undergoing a significant street improvement project which will create excellent traffic counts.
“The seller was looking to do a 1031 exchange into a higher cash flow asset,” shared Carlos Azucena, first vice president investments in Marcus & Millichap’s Palo Alto office. “The Property was on the market for 95 days; The firm’s platform helped with broad exposure to all qualified investors. It was a long escrow while we worked to vacate the space.” Azucena and Joshua Johnson, first vice president investments in the firm’s Palo Alto Office, had the exclusive listing to market the property on behalf of the seller, an individual.
Built in 1975, The property is located at 2549 Middlefield Road in Redwood City, California. The asset features two grade level roll-up doors, office space and two bathrooms. Additionally, the property is currently undergoing a significant street improvement project which will create excellent traffic counts.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
