FREMONT, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has obtained the exclusive listing to sell an $18.2 million Note secured by a first trust deed for a 177,000-square foot retail/warehouse building in Fremont.The scheduled year one yield on the Note is 7.38 percent with a payoff of $18,215,301 as of November 7, 2009.
The Note has an origination date of November 7, 2007, and a maturity date of November 15, 2017. The current interest rate is 6 percent.
The rate adjustments begin with a floor of 6 percent with an adjustment every three months based on the three-month LIBOR. Current payments are $112,000 per month and there is a reserve account.
The offering price is $18,450,000 and terms are cash or the seller will finance the Note to a qualified buyer with a minimum of 20 percent cash down payment. The seller will then carry 80 percent of the purchase price, secured by the Note for three years at a rate of Prime plus 2.5 percent with a floor of 5.5 percent with a 30-year amortization.
The building was constructed in 1996 and is located in a major retail corridor close to Interstate 880. There is frontage on three streets with high traffic counts in the immediate area. The ceilings allow for a clearance height of 33 feet and the property offers parking for 4.1 vehicles per 1,000 square feet. The entire parcel is 11.31 acres.
Joshua Cohen, a vice president investments in Marcus & Millichap’s Long Beach office, along with Will Stuart, of the Palo Alto office, are the investment professionals handling this sale. “This is a high-profile building and location,” says Cohen. “An investor is presented with a rare opportunity to acquire a current loan secured by prime commercial property in the San Francisco Bay Area.”
Press Contact: Stacey CorsoCommunications Department(925) 953-1716
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