Press Releases
Marcus & Millichap Arranges $10.2M Sale of Net-Leased Single-Tenant Office Property in San Diego
November 05, 2026
SAN DIEGO, Nov. 5, 2026 – 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 36,643-square-foot, net-leased property occupied by Montbleau & Associates at 555 Raven St. in San Diego, California. The property sold for $10.2 million at a seven percent cap rate.
“This transaction provided the buyer with an opportunity to exchange out of a Los Angeles multifamily investment and acquire a property with a long-term, absolute-net lease in place,” said Robert Narchi, senior managing director investments. “The seven percent cap rate and three percent annual rent increases offered the buyer an income-producing asset in San Diego's supply-constrained industrial market.”
Narchi, Jason Fefer and Tyler Bindi, investment specialists in Marcus & Millichap’s Los Angeles office, represented the buyer, a private investor completing a 1031 exchange. The seller was a Chicago-based institutional net-leased fund.
Built in 1984, the property is situated on a one-acre parcel and is leased to Montbleau & Associates under a long-term, absolute-net lease with 3 percent annual rent increases. Located near Greenwood Memorial Park, the property offers access to downtown San Diego, state Route 94 and Interstates 5, 15 and 805.
“This transaction provided the buyer with an opportunity to exchange out of a Los Angeles multifamily investment and acquire a property with a long-term, absolute-net lease in place,” said Robert Narchi, senior managing director investments. “The seven percent cap rate and three percent annual rent increases offered the buyer an income-producing asset in San Diego's supply-constrained industrial market.”
Narchi, Jason Fefer and Tyler Bindi, investment specialists in Marcus & Millichap’s Los Angeles office, represented the buyer, a private investor completing a 1031 exchange. The seller was a Chicago-based institutional net-leased fund.
Built in 1984, the property is situated on a one-acre parcel and is leased to Montbleau & Associates under a long-term, absolute-net lease with 3 percent annual rent increases. Located near Greenwood Memorial Park, the property offers access to downtown San Diego, state Route 94 and Interstates 5, 15 and 805.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
