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| Mariner's West condominiums, 735 Fathom Drive, San Mateo, CA |
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| Adam Levin |
SAN MATEO, CA, April 21, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of Mariner’s
West, a 45-unit condominium-style multifamily complex in the Silicon Valley
city of San Mateo, Calif. The $16,450,000 sales price equates to $365,556 per
unit.
Adam
Levin, a vice president investments, and Eric Katz, an associate, both in
Marcus & Millichap’s Palo Alto office, represented the seller, a private
equity firm, and the buyer, a private family LLC in a 1031 exchange.
“Mariner’s West is well positioned for NOI growth through the
continuation of its renovation plan and by virtue of its location, amenities,
the submarket’s perpetual housing constraints and the continued economic upturn
in Silicon Valley,” says Levin.
Situated
on 1.1 acres at 730 Mariner’s Island Blvd. and 735 Fathom Drive in San Mateo,
Calif., the property is near major employers including Oracle, Visa, Sony
Computer Entertainment, Life Technologies, Gilead Sciences and Electronic Arts.
Gilead Sciences is redeveloping portions of a 72-acre site
directly across from Mariner’s Island Boulevard where it plans to build up to
22 office and laboratory buildings.
Interstates 280 and 880, State Route 92 and U.S. Highway 101
are nearby and Caltrain’s Hillsdale Station and the Santa Clara Valley
Transportation Authority’s light rail system are just a short drive away. The
Bridgepointe Shopping Center is within walking distance.
Built in
1979, Mariner’s West features 30 one-bedroom/one-bath units and 15
two-bedroom/one-bath apartments. Almost all the units have water views. The
property has been meticulously remodeled inside and out over the past year.
The
exterior renovations include new landscaping, resurfaced driveways, new
multi-tone exterior paint and newly resurfaced balconies. Part of the common
area space was completely gutted and replaced with a brand new leasing office.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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