Dealmaker: Marcus & Millichap Closes Two California Deals Totaling $49M
Marcus & Millichap, Calabasas, Calif., closed two transactions in California totaling $48.9 million.
In downtown San Diego, Marcus & Millichap’s Mansour Group closed the sale of a 43,000-square-foot Albertsons grocery store for $22.1 million.
Marcus & Millichap’s Alvin Mansour and Kevin Mansour and Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller, a San Diego ownership group. The Los Angeles-based buyer sold a multi-million dollar Los Angeles-area apartment community.
“This is exactly the buyer profile we see so frequently–a southern California private investor exchanging from a large multifamily complex into a passive and generational net-leased property,” said Marcus & Millichap Executive Managing Director of Investments Alvin Mansour. “Especially in this global health care crisis, we are laser-focused in assisting our clients to navigate this market and capture 1031 capital.”
The property is within walking distance of the San Diego Padres’ Petco Park, close to the San Diego Convention Center.
In Concord, Marcus & Millichap sold The Lakes, a three-story, 102-unit garden-style multifamily asset, for $26.8 million. Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller, a real estate investment company and procured the buyer, a Bay Area family trust.
“The Lakes is a value-add, transit-oriented community in one of the East Bay’s most undervalued cities,” said Levin. “As renters seek pricing relief from the high cost of housing in San Francisco, the Peninsula, Oakland, Berkeley, Walnut Creek and Lafayette, rental demand in commuter suburbs like Concord will stay on its upward trajectory and the area will continue to be a source of high-yield opportunities and strong value appreciation for investors.”
Built in 1967 and 1968 on 3.6 acres in Concord’s Ellis Lake neighborhood, the three-building complex is a 10-minute walk from Diablo Valley College and the Concord Bay Area Rapid Transit station. “Continuation of The Lakes’ ongoing renovation strategy and easily implemented operational efficiencies will quickly lead to increased net-operating income,” said Johnston.
