Buyers Look Beyond The Bay
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Yields in the Peninsula and Silicon Valley have compressed, says Marcus & Millichap's Bill Allen, meaning many buyers are starting to look further away for investment opportunities. (A broker's toolkit should include binoculars and a GPS.) He recently represented Rosen Trust, which sold its property in Redwood City as part of package to residential developer Deerfield Realty. Rosen completed a tax-free exchange into three office buildings at the Park Point Business Center in Santa Rosa. The buildings traded for $6.3M, were 100% leased (anchors include Concentra and First Priority Financial) and offered an initial cap rate in the high 8% range.