11/15/2017 | 08:29am EDT
MISSION VIEJO, Calif., Nov. 15 — Marcus & Millichap Real Estate Investment Services issued the following news release:
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of La Paz Plaza, a 51,766-square-foot mixed-use property in Mission Viejo, California. The asset sold for $32,375,000, which represents a 5.75 percent cap rate. La Paz Plaza is 80 percent medical office and 20 percent retail.
Paul Bitonti, first vice president investments in Marcus & Millichap’s Newport Beach office, represented the buyer, a Laguna Beach real estate company in a 1031 exchange. The seller is a Newport Beach-based partnership. The buyer assumed in-place CMBS financing.
