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| Adam Levin |
MOUNTAIN VIEW, CA -- Levin
Johnston of Marcus and Millichap, one of
the top multifamily brokerage teams in the U.S. specializing in wealth
management through commercial real estate investments, announced the $22.5
million sale of a 1.72-acre land parcel in Mountain View, California.
This sale
represents a record high price-per-acre in the Silicon Valley, where there is
little land available, according to Adam Levin, Senior Managing Director
of Levin Johnston.
Levin
represented the seller, a private high net worth investor, as well as the
buyer, California-based SummerHill Homes, in
the transaction.
“This was a prime opportunity to own a well-located land parcel with development entitlements already in place,” says Levin. “By bringing in a buyer with the expertise to develop the land, we were able to create tremendous value for the seller, the buyer, and the surrounding community.”
The land
parcel is located near the intersection of West Middlefield Road and Rengstorff
Avenue in Mountain View, in close proximity to the Google headquarters.
“This was a prime opportunity to own a well-located land parcel with development entitlements already in place,” says Levin. “By bringing in a buyer with the expertise to develop the land, we were able to create tremendous value for the seller, the buyer, and the surrounding community.”
The buyer,
an expert homebuilder, plans to develop 40 new for-sale townhomes, offering new
housing options to the Mountain View community, according to Levin.
“Mountain
View is an exceptional market with extremely strong fundamentals,” says Levin.
“Google employs over 62,000 people in the immediate vicinity, and the demand
for homes in this market is at an all-time high.
"Based on this rising demand and the
strength of the buyer, we anticipate that this property will deliver a deep
value proposition for many years to come.”
For more information, please contact:
Alex Caswell / Jenn Quader
Brower Group
(949) 955-7940
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