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| 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.
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| 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.
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| 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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