Triple-Net Strip Center Trades in San Leandro

Marcus & Millichap closed the sale of 1423-1427 E. 14th St., a 6,603-square-foot retail property located in San Leandro. The asset sold for $2,950,000.

Quentin Caruso, senior associate, and Vince Schwab, executive managing director investments in Marcus & Millichap’s San Francisco office, marketed the property on behalf of the seller, a partnership.   

“The property was marketed for two months before going under contract,” said Caruso. “The seller was able to leverage offers from three separate buyers to get the strongest possible closing terms. The buyer is a private, local investor who plans to continue to operate the building with the current tenants.”

1423-1427 E. 14th is a six-unit strip retail building. “Tenants include Tsuru Sushi, Ippai Izakaya, BevBox convenience store and Tapioca Express,” Caruso added. “The leases are all triple-net and the building had no deferred maintenance.“