DAVID CUTLER
VICE PRESIDENT INVESTEMENTS
David Cutler is a Vice President Investments in the Palo Alto office specializing in investments sales of single tenant retail assets throughout the country. David Joined Marcus & Millichap in 2004 after spending time in the commercial mortgage industry working for Intervest Mortgage in Portland, Oregon and First Republic Bank in San Francisco, California. He also spent time in the Los Angeles area working in the technology industry for an international home entertainment services corporation in Strategic Planning and Business Development as a key member of the team who managed a global real estate portfolio of roughly 9.6 million square feet.
At Marcus & Millichap, David has been intimately involved in the acquisition or disposition of approximately $934,000,000 worth of commercial real estate investments spread out over 204 unique transactions and achieved the Sales Recognition Award for the past two years. His experience includes locating high quality investment real estate assets for a diverse group of clients, both private investors and institutional investors; performing detailed discounted cash flow and IRR analysis to lead decision making; delivering thorough real estate valuation models examining historical and current property operations and proforma projections; forecasting market trends and ownership goals for the future; negotiating purchase and sale agreements; and managing the escrow process from start to finish.
In his time away from the office, David enjoys mountain biking, road biking, fly fishing and skiing as well as spending time with his wife and three children.
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Property Description
SILICON VALLEY INVESTMENT OPPORTUNITY
Marcus & Millichap is pleased to present 2701 Middlefield Road, a 30,050 SF site currently in use for retail leased by CVS Pharmacy. The site is set in Midtown Palo Alto, near the intersection of Middlefield Road and California Avenue, just three blocks away from Oregon Expressway. The expressway flows directly through Palo Alto from Highway 101 to Interstate 280 making it a main road for both commuters and residents. Last reported, the intersection of Oregon Expressway and Middlefield Road had a traffic count of over 27,000 vehicles per day.
EXCELLENT ACCESS TO AMENITIES
The subject site is centered in the dense retail nook of Midtown Palo Alto. The center contains a Safeway, Walgreen’s, 7-eleven, UPS Store, Round Table Pizza, Baskin Robbins, Wells Fargo, and Chase Bank, among many other local shops, gyms, and eateries. Located near Hoover Park, this site is a perfect community gathering location, as well as a break point for commuters passing through the area.
MAJOR EMPLOYERS
2701 Middlefield Road is a short commute from employment centers in Palo Alto and Mountain View. Major employers in the immediate area include Alphabet (Google), Intuit, Microsoft, Tesla, HP Inc., Varian Medical Systems, LinkedIn, Samsung, Nokia, VMWare, Synopsis, and Stanford University. Silicon Valley continues to be a hub for innovation and captures more than 40% of all venture capital funding for the nation. The region is expected to maintain its dominant position in the formation of new technology companies and creation of tech-related jobs.
EXCEPTIONAL DEMOGRAPHIC PROFILE
The site is located in Palo Alto, one of the most affluent communities in the state of California. Palo Alto had an estimated median household income of $156,739 in 2022, more than double the national median household income of $70,784. The city has a highly-educated workforce, with more than 69% of the population over the age of 25 having a Bachelor’s or graduate degree. Since 2000, the population has grown by 14.5%, and is projected to grow another 3.81% by 2027.
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Property Details
Property Type
Net-Leased
Lot Size
30,030 SF
Building Size
12,040 SF
Stories
1
Year Built
Year Renovated
Property Location
2701 Middlefield Road, Palo Alto, CA, USA