$9.5 Million San Francisco, CA Peninsula Mixed-Use Property Sale Completed by Marcus & Millichap

'The Postcard Building' at 329 Primrose Road, Burlingame, CA

Richard Reisman

 BURLINGAME, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 329 Primrose Road in Burlingame, Calif.

The two-story, Tudor-style property has long been a Burlingame landmark, and is now home to downtown Burlingame’s new U.S. Post Office and One Medical, a national tenant based in San Francisco with 30 medical offices located in select markets throughout the United States. 

The asset sold at a mid-4 percent capitalization rate for $9,500,000, which is more than $1,000 per square foot.

Thomas Doglio

The property was exclusively listed for sale by Thomas Doglio, vice president investments, and Richard Reisman, associate, of Marcus & Millichap’s National Land Group in the firm’s Palo Alto office.

 The buyer, a prominent East Bay developer who was in a 1031 exchange, was procured by Eduardo Vergara, senior associate, also in the firm’s Palo Alto office.

“Doglio, Reisman, and Vergara provided guidance to the buyer and the seller throughout a short and smooth escrow period,” notes Steven Seligman, regional manager of Marcus & Millichap’s Palo Alto office.

“Burlingame is one of the San Francisco Peninsula’s most sought-after investment locations with premium boutique shops, restaurants, and upscale services,” adds Doglio.

Eduardo Vergara

“The property is strategically located among offices, retail, and city hall, making it ideal for commercial uses such as the U.S. Post Office and One Medical.”

            Built in 1945, the mixed-use asset’s interiors were fully renovated in 2012 and 2015. Locally, the property is known as “The Postcard Building.”

For a complete copy of the company’s news release, please contact:

Gina Relva

 Public Relations Manager

Marcus & Millichap

(925) 953-1716