Dealmaker: Marcus & Millichap Brokers $42M in Land, Multifamily Sales

Marcus & Millichap, Calabasas, Calif., brokered California and New York land and multifamily sales totaling $41.5 million.

In Sunnyvale, Calif., 3.4-acre redevelopment site 767-769 N. Mathilda Ave. sold for $21 million.

“This property had been in the sellers’ family for over 50 years,” said Vincent Schwab, Senior Managing Director of Investments with Marcus & Millichap. “Potential buyers worked with the City of Sunnyvale’s planning commission for the last two years to obtain the necessary approvals and complete the sale, which is part of a 1031 exchange.”

Schwab and Marcus & Millichap Associate Jeffrey Ida represented seller Sinogap LLC, Cupertino, Calif. OTO Development, Spartanburg, S.C., purchased the site and plans to build a Hilton Garden Inn on the property, which is currently occupied by a night club, the Palladium and TL Beer Garden.

“The replacement properties in the exchange are the Calaveras Park Professional Center, a 21,008-square-foot single-story multi-tenant medical office park in Milpitas [Calif.], and an apartment complex in San Jose,” Schwab said. He also represented Sinogap LLC and seller JB Matteson Co., San Mateo, Calif., in the Milpitas transaction.

In New York, Marcus & Millichap sold 30-58 34th Street and 30-64 34th Street, two five-story walkup apartment buildings totaling 70 units in Astoria, Queens. The sales price for the two buildings totaled $20.5 million, nearly $293,000 per unit.

“Under long-term ownership prior to the sale, the buildings provide the new owner with an opportunity for immediate upside through the capture of significant preferential rent,” said Marcus & Millichap Senior Managing Director Peter Von Der Ahe. “Astoria is also an excellent place to deploy a long-term hold strategy as it is one of fastest-growing markets in Queens and inventory there is scarce.”

Von Der Ahe, Joe Koicim, Shaun Riney, Noah Kossoff and Dylan Walsh represented seller Takis Tsagronis in the transaction. Von Der Ahe, Koicim, Riney and Walsh also procured buyer Urban American, West New York, N.J.

Located on 34th Street between 30th Avenue and 31st Avenue, the contiguous buildings total 49,600 square feet and contain 48 one-bedroom units, 16 two-bedroom apartments and six three-bedroom units.