Saturday, April 18, 2015

HFF closes sale of mixed-use retail and office building in Berkeley, CA


2190 Shattuck Avenue, Berkeley, CA

SAN FRANCISCO, CA  – HFF announced it has closed the sale of 2190 Shattuck Avenue, a 100-percent leased, 47,281-square-foot, mixed-use building in Berkeley, California, anchored by a ground-floor Walgreens with second-story creative office tenancy.

Nicholas Bicardo
HFF marketed the asset on behalf of the seller, a partnership between Sansome Pacific Properties, Inc. and Somera Capital Management. 

The property is situated directly on top of the Downtown Berkeley BART station and is within one block of the University of California at Berkeley, providing one of the most heavily trafficked locations in the region.

 Built in 1956 through 1957, 2190 Shattuck was significantly renovated in 2012, attracting Walgreens to sign a brand new 50-year lease to anchor the property, as well as two technology-oriented tenants that lease the creative office space and a medical training facility on the lower level. 

The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo, associate director Danny Reddin, senior managing director Steve Golubchik and real estate analyst Brandon Rogoff.

“2190 Shattuck is an exceptional ‘covered land play’ where the existing income and location are rock solid, and the current zoning provides for several different exit strategies,” Bicardo said.

Steve Golubchik
 “We saw an overwhelming amount of capital show up, including a significant amount of foreign, highlighting the continued demand for infill sites situated near major transportation lines.”

“Additionally, the property benefits from lease provisions that allow redevelopment of the property,” Reddin added.  

“These provisions, combined with Berkeley’s critical housing shortage and pro-development initiatives, make 2190 Shattuck one of the premier redevelopment sites in the San Francisco Bay area.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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