10/23/2007

Marcus & Millichap orchestrates $66.5M sale of Calif. office property

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22301 Foothill Blvd.

North 3 Holdings LLC has purchased the Mervyn's office building in the Oakland suburb of Hayward, Calif., for $66.5 million from Capmark Financial Group.

Marcus & Millichap's Lior Regenstreif represented both the buyer and seller.

The four-story building was built in 1958 on 8.8 acres and underwent a complete renovation in 1997. It contains 336,000 square feet and is located at 22301 Foothill Blvd.

The building sold at $198 per square foot with a reported 6.61 percent capitalization rate. Capmark purchased the office building in March 2007 for $60 million.

Hayward is located roughly 15 miles south of Oakland.

Regenstreif is a retail associate at Marcus & Millichap and specializes in the brokerage of single-tenant properties.

Address: 22301 Foothill Blvd., Hayward, Calif.

Size: 336,000 square feet

Built: 1958

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Filed Under: Office

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