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| El Camino Real corridor runs through San Mateo County and Santa Clara County, CA |
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| Kirk Trammell |
PALO ALTO, CA – Kirk Trammell and J.J.
Taughinbaugh of Marcus & Millichap Real Estate Investment Services, the
nation’s largest real estate investment services firm, have facilitated the
sale of eight key Silicon Valley redevelopment sites along the El Camino Real
corridor. Total consideration for the transactions is $71.1 million.
“The
employment gains and flow of venture capital dollars that returned in earnest
to Silicon Valley in 2010 created a strong combination of factors that brought
about double-digit multifamily rent growth, robust demand for office space and
contributed to the ongoing recovery in the hotel sector,” says Steve
Seligman, vice president and regional manager of Marcus & Millichap’s
Palo Alto office.
“This growth also initiated a flurry of construction in the
region and investors continue to pursue development opportunities in the area’s
under-utilized locations.”
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| J.J. Taughinbaugh |
The section of the historic El Camino Real mission trail
that runs through the San Francisco Peninsula and Silicon Valley, known locally
as the “El Camino Corridor,” is in the midst of a large-scale
revitalization project and its transformation is providing many redevelopment
opportunities for commercial real estate investors.
“Marcus & Millichap’s Palo Alto office is closely
acquainted with this submarket and two of our senior investment specialists,
Kirk Trammell and J.J. Taughinbaugh, have been particularly successful in identifying
redevelopment project sites for clients,” adds Seligman.
In October 2013, Trammell, a senior vice president
investments, and Taughinbaugh, a vice president investments, arranged the
$12.35 million sale of a 2.5-acre redevelopment site located at 302 North Fair
Oaks Ave., 318 North Fair Oaks Ave., 617 Arques Ave. and 627 Arques Ave. in
Sunnyvale, Calif. The existing structures will be replaced by 87 single-family
townhomes.
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| Steven Seligman |
“The employment and housing booms in Silicon Valley, along
with the Grand Boulevard Initiative (GBI), are creating significant
opportunities for investors,” says Trammell.
“The GBI is an ongoing regional
collaboration dedicated to the revitalization of the El Camino Real corridor
as it runs through San Mateo County and Santa Clara County.”
From March 2012 to the present, Trammell and Taughinbaugh
have sold six additional El Camino Real corridor properties totaling $43.9
million.
In August, the pair arranged the sale of a 1.6-acre parcel at 881 East
El Camino Real and a 0.6-acre parcel at 865 East El Camino Real in Mountain
View, Calif., which will see the development of 150 new multifamily units.
“We are witnessing the transformation of older retail
properties and apartments with deferred maintenance into new multifamily assets
with high floor-to-area ratios,” says Taughinbaugh.
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| Former Palo Alto Bowl, Palo Alto, CA |
“This activity is neither a new trend nor has it reached its
peak. The more than 5,000 market-rate apartment units under construction in the
South Bay indicate that the current building boom will last into 2014.”
Another of Trammell and Taughinbaugh’s transactions to have
come full circle is the site of the former Palo Alto Bowl and Motel 6
at 4301 El Camino Real and 4329 El Camino Real in Palo Alto.
The two agents arranged the sale of the iconic bowling alley
in 2007 for $14,850,000. The project
weathered the Great Recession and is now home to a 138-room Hilton Homewood
Suites hotel that is currently under construction and Classics at Monroe
Place, a single-family residential project that includes 10 detached
residences and 16 duets.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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