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| Adam Levin |
REDWOOD CITY, 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, successfully completed the sale of
an approximately one-acre land parcel in the Bay Area submarket of Redwood
City, California for future residential development, according to Adam Levin,
Executive Managing Director, and Robert Johnston, Senior Managing
Director of Levin Johnston.
Levin Johnston represented the seller, Service
Corporation International, as well as the
buyer, a private investor, in the land sale. The transaction was a rare
opportunity for the buyer to acquire a developable site in the heart of Silicon
Valley, notes Johnston.
“We were able to strategically arrange a win-win transaction
through identifying a buyer who has the expertise to deliver much-needed
high-density housing to the market and securing a strong price for the seller,”
says Johnston.
“In line with the area’s continuing economic
development and employment growth, the buyer plans to develop 37 townhomes at
the site.”
Levin notes that job growth in Redwood City is projected to be 37% over the
next 10 years, significantly higher than the U.S.
average of 33.5%.
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| Robert Johnston |
“Redwood City is growing rapidly and the demand for quality,
for-sale housing is at an all-time high and outpacing current supply,” explains
Levin.
“The land parcel presents a prime opportunity
for residential development, as it is located in close proximity to
transportation hubs and major highways and situated in the city’s vibrant
downtown area, which offers residents unique retail, entertainment, and dining
options.”
The land is located at 847 Woodside Rd in Redwood City,
California. The total consideration of the sale was $6 million.
This final sale of the year brought Levin Johnston’s 2019
transaction number to 72, with a total volume of more than $600 million,
primarily in California’s Bay Area market.
“Our continued success in identifying prime opportunities to
acquire and sell in the highly competitive Bay Area and beyond is a testament
to our ability to understand our clients’ wealth management goals, as well as
our deep relationships and comprehensive knowledge of the market,” confirms
Levin.
For more information about Levin Johnston’s $100 million in
available properties, please visit www.levinjohnston.com.
Contacts:
Alex Caswell / Elisabeth Manville
Brower Group
(949) 438-6262
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