Press Releases
Marcus & Millichap Announces the Sale of Cobblestone Professional Office Building, a 23,500-SF Office Property in Placentia, California
March 27, 2025
PLACENTIA, Calif., March 27, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cobblestone Professional Office Building, a 23,500-square foot office property located in Placentia, California. The asset sold for $5,750,000.
“The seller had owned and managed the property for over 28 years and our team was able to show them how they can sell this asset to exchange into a less management-intensive product type and increase their cash flow by at least three times,” said Alex Mobin, first vice president investments in Marcus & Millichap’s Orange County office. “We were able to get the property sold to an owner/user who will be using the property for medical use once they completely renovate it. We acquired a lis t price offer for the seller after a few months of marketing.” Mobin, along with Parker Bittner, associate in the firm’s Orange County office, had the exclusive listing to market the property on behalf of a private seller. The buyer, a private investor, was procured by Dale Schrieber of Keller Williams.
Cobblestone Professional Office Building is located at 201-261 Lakeview Avenue off the busy intersection of South Lakeview Avenue and East Orangethorpe Avenue in Placentia, California. The space was occupied by professional tenants with leases that were all month-to-month, allowing the buyer to come in and renovate the space for their needs.
“The seller had owned and managed the property for over 28 years and our team was able to show them how they can sell this asset to exchange into a less management-intensive product type and increase their cash flow by at least three times,” said Alex Mobin, first vice president investments in Marcus & Millichap’s Orange County office. “We were able to get the property sold to an owner/user who will be using the property for medical use once they completely renovate it. We acquired a lis t price offer for the seller after a few months of marketing.” Mobin, along with Parker Bittner, associate in the firm’s Orange County office, had the exclusive listing to market the property on behalf of a private seller. The buyer, a private investor, was procured by Dale Schrieber of Keller Williams.
Cobblestone Professional Office Building is located at 201-261 Lakeview Avenue off the busy intersection of South Lakeview Avenue and East Orangethorpe Avenue in Placentia, California. The space was occupied by professional tenants with leases that were all month-to-month, allowing the buyer to come in and renovate the space for their needs.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
