A retail and office complex in downtown Berkeley was recently acquired by a Los Angeles-based investor. Hill Street Realty LLC paid around $20 million for the property, a per-square-foot rate of $217.
The complex is made up of a number of buildings located in an area bordered by Shattuck Avenue, Aliston Way and Harold Way, the San Francisco Business Times reports. The former owner is Marin County businessman Roy Nee, who held the property through a private family trust.
Berkeley Center is a 92,000-square foot property that sits on a 1.75 acre site, where it is joined by The Hotel Shattuck—a property that was not included in the transaction. Newmark Grubb Knight Frank representatives Joshua Levy and Matthew Dobson arranged the transaction on behalf of the buyer. With new zoning in place for downtown Berkeley, the area is set to see a development increase. This means the purchase could prove itself even more profitable over the coming years.
The office and retail complex houses Shattuck Cinemas as a main tenant, while other names housed include Starbucks, Habitot Children’s Museum and the United Auto Workers Union Local 2865. The property currently has an occupancy rate of 98 percent. The new owner, Hill Street Realty, was founded back in 2001 by its current principal, Joseph Penner, and has since bought assets worth more than $100 million. The company buys, sells and manages real estate properties.
Image courtesy of myaptportal.com
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