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SAN JOSE, CALIF. — Marcus & Millichap has facilitated the purchase of a 1.1-acre ground lease at 3155 Stevens Creek in San Jose. The property sold for $10 million in an off-market transaction.
The land is encumbered by a long-term lease to Lincoln Auto Dealership. The buyer is the tenant that owned the leasehold improvements on the property.
Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed.