Redevelopment Sites Sell for $71M

PALO ALTO, CA–Kirk Trammell and J.J. Taughinbaugh of Marcus & Millichap Real Estate Investment Services, have facilitated the sale of eight key Silicon Valley redevelopment sites along the El Camino Real corridor. Total consideration for the transactions is $71.1 million.

“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.”