Marcus & Millichap Arranges the Sale of A 4,284-SF Mixed-Use Building in San Diego

SAN DIEGO, June 6, 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 The Mission, a 4,284-square-foot mixed-use property located in San Diego, California. The asset sold for $3,785,000, equaling $935 per square foot. This transaction is one of the highest price/sf of any mixed-use building trading in the zip code in 2024.

“The seller had a two-year rehabilitation and exit plan successfully executed. Six offers were generated, all of which were out-of-town 1031 exchange investors, ” shared Conor Brennan, senior vice president investments in Marcus & Millichap’s San Diego Downtown office. “The buyer exchanged into the building from a building in San Francisco. The transaction signifies that there is still a strong demand for stabilized product in beach markets where minimum down payments of 60% are now typical.” Brennan had the exclusive listing to market the property on behalf of the seller, Pacifica Companies. The buyer, Olson Steel, was also procured by Brennan.

The Mission is located at 3795 Mission Boulevard in San Diego, California. Mission Beach has long been known for its popular beach, historic amusement park and friendly lively atmosphere. The landmark building is known for its extremely popular Mission Café. The property offers one 3-bedroom/2-bath apartments, two 1-bedroom/1-bath apartments and one commercial space. The property has fully renovated residential units and building exterior and also benefits from annual leases and a 10-year restaurant lease.

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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.