Marcus & Millichap Sells Silicon Valley Retail Strip

The three-property retail strip had a price tag of $13.5 million or $974 per square foot.
633 Laurel St., San Francisco
633 Laurel St., San Francisco

San FranciscoMarcus & Millichap has announced the sale of a three-property retail strip on the San Francisco Peninsula in San Carlos, Calif. The $13.5 million worth acquisition was financed through an approximately $6.9 million loan arranged by Mark One Capital. The buyer was represented by Fabio Sangiorgi, associate vice president investments with Marcus & Millichap. David Campbell, vice president capital markets with Mark One Capital, arranged the fixed-rate, interest-only financing.

“The buyer is a 1031-exchange investor we guided through the transition from an East Bay shopping center asset into an income property with redevelopment potential in Silicon Valley,” Sangiorgi said in prepared remarks.

The properties are located at 633 Laurel St., 727 Laurel St. and 1199 Laurel St. in San Carlos, in proximity of the upcoming Wheeler Plaza Development, a transit-oriented, mixed-use project with 109 condominiums and 10,000 square feet of commercial space, which will be completed in early 2019.

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