January 27, 2019— 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%.
“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.
Select 2019 transaction highlights include:
- The $40.5 million sale of 2310 Rock St, Mountain View, CA
- The $40 million sale of 926 Woodside Rd, Redwood City, CA
- The $30 million sale of FlatRate Storage at 856 Frelinghuysen Ave, Newark, NJ
- The $25.5 million sale of Pacific Gardens at 25 McAker Ct, San Mateo, CA
- The $23 million sale of Park Plaza at 2081 Whitman Way, San Bruno, CA
- The 22.5 million sale of Woodgate Apartments at 1950 Montecito Ave, Mountain View, CA
- The $20 million sale of Blue Bonnet Mobile Home Park at 617 East Evelyn Avenue, Sunnyvale, CA