Marcus & Millichap Real Estate Investment Services announced this week that it had facilitated the sale of eight key Silicon Valley redevelopment sites along the El Camino Real corridor in separate transactions for a total of $71.1 million. Last month, the company 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, California. Since March 2012, Marcus & Millichap Real Estate Investment Services has facilitated the sale of six additional El Camino Real corridor properties totaling $43.9 million. In August, they 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, California.
"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."
"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," added Seligman.
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