Press Releases
Marcus & Millichap Arranges the Sale of 3.56 Acres of land in Ripon, California
March 18, 2024
RIPON, Calif., March 18, 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 3.56 acres of land with freeway visibility located in Ripon, California. The asset was sold for $1,000,000.
“The buyer, SRB Properties LLC, has plans to redevelop into a high-performance retail location with freeway visibility; it’s the perfect opportunity for many uses that qualify as permitted uses under the C-2 zoning ordinance” shared Andres Lopez, first vice president investments in Marcus & Millichap’s Palo Alto office. “The seller, Adel Ammari, decided to sell in preparation to retire and not develop along with his partners; the property had a softening in value due to the interest rate run up. The cost of development debt made this opportunity a little challenging to acquire a market-value purchaser,” shared Adam Levin, executive managing director investments in the firm’s Palo Alto Office.
The property was on the market for six to twelve months, surviving one failed escrow before the second buyer performed and closed escrow. Levin, Lopez and Robert Johnston, senior managing director investments in the firm’s Palo Alto office had the exclusive listing to market the property on behalf of the seller. The buyer, SRB Properties LLC, was secured and represented by Levin, Lopez and Johnston as well.
The vacant parcel of land is located at 659 West Milgeo Avenue in Ripon, California.
“The buyer, SRB Properties LLC, has plans to redevelop into a high-performance retail location with freeway visibility; it’s the perfect opportunity for many uses that qualify as permitted uses under the C-2 zoning ordinance” shared Andres Lopez, first vice president investments in Marcus & Millichap’s Palo Alto office. “The seller, Adel Ammari, decided to sell in preparation to retire and not develop along with his partners; the property had a softening in value due to the interest rate run up. The cost of development debt made this opportunity a little challenging to acquire a market-value purchaser,” shared Adam Levin, executive managing director investments in the firm’s Palo Alto Office.
The property was on the market for six to twelve months, surviving one failed escrow before the second buyer performed and closed escrow. Levin, Lopez and Robert Johnston, senior managing director investments in the firm’s Palo Alto office had the exclusive listing to market the property on behalf of the seller. The buyer, SRB Properties LLC, was secured and represented by Levin, Lopez and Johnston as well.
The vacant parcel of land is located at 659 West Milgeo Avenue in Ripon, California.
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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.
