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 4,000-square-foot industrial property located at 5052 Peabody Rd. in Fairfield, Calif. The asset sold for $1.7 million, according to Benjamin Yelm, regional manager of the firm’s Charleston office.
Ani Paulson and Michael Quirico, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a private investor. Paulson also secured and represented the buyer, another private investor. Additionally, David C. Nelson, Marcus & Millichap’s broker of record in California, assisted in closing this transaction.
“This was an interesting value-add opportunity in Fairfield, Calif. – a flourishing city situated between San Francisco, Sacramento and Napa Valley. The property currently has two tenants with below market rents and modified gross leases, meaning the lease structure is more favorable to the tenants than the landlord. The new owner has the opportunity to renegotiate the leases and redevelop the property, therefore increasing its value,” said Paulson. “Though we had multiple competing offers for this deal, we ultimately traded the property for $300,000 over its original list price.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.