Press Releases
Marcus & Millichap Announces the Sale of a 27,048-SF Parcel of Land in Mountain View, California
October 22, 2024
MOUNTAIN VIEW, Calif., October 22, 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 334 San Antonio Road, a 27,048-square-foot parcel of land located in Mountain View, California.
“The seller approached us about marketing the property after another brokerage team failed to sell the site. We brought the site to market in early 2023 at a very challenging time. Interest rates had increased significantly over the previous year and most developers were not actively acquiring new development sites,” shared Kirk Trammell, investment specialist in Marcus & Millichap’s Palo Alto office. “With market-rate developers on the sidelines, we knew the likely buyer would be an affordable housing developer that could increase the unit count on the site and focused our marketing efforts on those buyers.” Trammell, David Cutler and Joshua Johnson, investment specialists in the firm’s Palo Alto office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an affordable housing developer, was also procured by Trammell, Cutler, and Johnson. “We were able to find a buyer after a short marketing period and negotiate a favorable price for the seller given market conditions at the time,” added Trammell.
The 27,048-square-foot parcel of land is conveniently located at 334 San Antonio Road in Mountain View, California. The site has an excellent location for multi-family residential; it is less than one-third of a mile to Caltrain and walking distance to retailers such as Whole Foods, Trader Joe’s, Target, Walmart, Safeway, CVS, and numerous restaurants. Additionally, it's in a Highest Resource area and Difficult Development Area, both of which make the site ideal for affordable housing. “The property was approved for 62 residential condominiums and one ground floor commercial condominium. The buyer is processing new development approves for a 100-unit affordable housing development for households earning between 30 and 70 percent of the area median income,” said Trammell.
“The seller approached us about marketing the property after another brokerage team failed to sell the site. We brought the site to market in early 2023 at a very challenging time. Interest rates had increased significantly over the previous year and most developers were not actively acquiring new development sites,” shared Kirk Trammell, investment specialist in Marcus & Millichap’s Palo Alto office. “With market-rate developers on the sidelines, we knew the likely buyer would be an affordable housing developer that could increase the unit count on the site and focused our marketing efforts on those buyers.” Trammell, David Cutler and Joshua Johnson, investment specialists in the firm’s Palo Alto office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an affordable housing developer, was also procured by Trammell, Cutler, and Johnson. “We were able to find a buyer after a short marketing period and negotiate a favorable price for the seller given market conditions at the time,” added Trammell.
The 27,048-square-foot parcel of land is conveniently located at 334 San Antonio Road in Mountain View, California. The site has an excellent location for multi-family residential; it is less than one-third of a mile to Caltrain and walking distance to retailers such as Whole Foods, Trader Joe’s, Target, Walmart, Safeway, CVS, and numerous restaurants. Additionally, it's in a Highest Resource area and Difficult Development Area, both of which make the site ideal for affordable housing. “The property was approved for 62 residential condominiums and one ground floor commercial condominium. The buyer is processing new development approves for a 100-unit affordable housing development for households earning between 30 and 70 percent of the area median income,” said Trammell.
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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.
