Press Releases
Marcus & Millichap Brokers the Sale of North Park Retail, an 8,100-SF Retail Property Located in San Diego
September 12, 2024
SAN DIEGO, September 12, 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 North Park Retail, a 8,100-square-foot retail property located in San Diego, California. The asset sold for $1,990,000.
"The property was on the market for just one week before receiving multiple offers," said Nick Totah, senior vice president investments for The Totah Group of Marcus & Millichap’s San Diego Downtown office. "It went into escrow within a week and closed in just 21 days with an all-cash buyer at 99.5 percent of the list price." Totah, Ross Sanchez, and Joseph Gutierrez investment specialists with The Totah Group of the firm’s San Diego Downtown office, had the exclusive listing to market the property on behalf of the seller, 2875 EC Blvd, LLC. The buyer, 2875 The Blvd, LLC was represented by Bret Morriss of Cast Capital Partners. “The seller's primary motivation was to reinvest their equity into other value-add opportunities across San Diego, maximizing growth potential in new ventures,” added Totah. “Demand for retail properties in San Diego’s urban neighborhoods remains robust, and with 2875 El Cajon Boulevard, the buyer also gains the potential to develop the property in the future.”
Built in 1930, 2875 El Cajon Boulevard in San Diego, California sold vacant and in shell condition. The property is located in the prime El Cajon Boulevard retail corridor of North Park, near the bustling 30th Street intersection, home to some of San Diego's top breweries, bars, restaurants and new apartment developments. This sought-after neighborhood boasts strong demographics and a vibrant community of working professionals, making it an attractive location for future growth.
"The property was on the market for just one week before receiving multiple offers," said Nick Totah, senior vice president investments for The Totah Group of Marcus & Millichap’s San Diego Downtown office. "It went into escrow within a week and closed in just 21 days with an all-cash buyer at 99.5 percent of the list price." Totah, Ross Sanchez, and Joseph Gutierrez investment specialists with The Totah Group of the firm’s San Diego Downtown office, had the exclusive listing to market the property on behalf of the seller, 2875 EC Blvd, LLC. The buyer, 2875 The Blvd, LLC was represented by Bret Morriss of Cast Capital Partners. “The seller's primary motivation was to reinvest their equity into other value-add opportunities across San Diego, maximizing growth potential in new ventures,” added Totah. “Demand for retail properties in San Diego’s urban neighborhoods remains robust, and with 2875 El Cajon Boulevard, the buyer also gains the potential to develop the property in the future.”
Built in 1930, 2875 El Cajon Boulevard in San Diego, California sold vacant and in shell condition. The property is located in the prime El Cajon Boulevard retail corridor of North Park, near the bustling 30th Street intersection, home to some of San Diego's top breweries, bars, restaurants and new apartment developments. This sought-after neighborhood boasts strong demographics and a vibrant community of working professionals, making it an attractive location for future growth.
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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.
