Marcus & Millichap Arranges the Sale of 2,816-Square Foot Retail Property

BLYTHE, CA, April 15, 2022 - 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 a Mobil Gas Station & Convenience Store , a 2,816-square foot retail property located in Blythe, CA, at an off-ramp on the I-10 freeway, according to Adam P. Christofferson, Divisional Manager of the firm's Palm Springs office. The asset sold for $1,685,000.

Bruce Haulley, an investment specialist in Marcus & Millichap's Palm Springs office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an individual/personal trust, was also secured and represented by Bruce Haulley,

Mobil Gas Station & C-Store is located at 1900 E Hobsonway in Blythe, CA. Bruce Haulley stated, "Gas stations as a sector of commercial real estate have exploded in profitability. Gas station sales have gone up 37% in the last year, as a result of gas prices, and profit margins per gallon have increased from about 25 cents to as much as $1.20 per gallon." Haulley went on to say, "I received two written back-up offers for several hundred thousand dollars higher than the price in escrow. I would ask buyers, why they were eager to buy more stations, and the reply was always the same: fuel profit margins are very high and likely to stay that way."

The seller had owned the property and business since the 1970's, and sold to reduce management responsibilities. The buyer group is a family that owns ten liquor stores and gas stations in Los Angeles County. They are also acquiring a second station three off-ramps away from the Mobil, and express interest in finding more businesses in the I-10/ border region.

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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.