Marcus & Millichap Brokers the Sale of a 1.24-Acre Parcel of Land in Belmont, California

BELMONT, Calif., April 30, 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 1.24-acre parcel of land located in Belmont, California.

“The subject property is the location of the former Bel-Mateo Motel which stood on the property for over 70 years,” said Richard Reisman, first vice president investments in Marcus & Millichap’s Palo Alto office. “The land will be redeveloped for a 125-unit rental project with all units qualifying as ‘affordable’ housing, in which ROEM Development Corporation is specialized and has a long record in the Bay Area.” Reisman and Tom Doglio, senior 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/personal trust. The buyer, ROEM Development Corporation based in Santa Clara, was procured by Reisman and Doglio. “Certain physical site characteristics and high current excavation and construction costs necessitated a longer escrow to enable the developer to secure the financing,” added Reisman.

The parcel is located at 803 Belmont Avenue in Belmont, California. “Central San Mateo County has a high barrier to entry, reducing significant affordable housing projects being completed there compared to other parts of the county and other Bay Area counties,” explained Reisman. The new development was approved by the City of Belmont and financial subsidies have been awarded by multiple agencies including the City of Belmont and the County of San Mateo. Reisman concludes, “The project is anticipated to have significant presence along El Camino Real and will improve the hill with the design approved unanimously by the City of Belmont.”

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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.