Berkeley Development Site With Potential For 29 Residential Units Sells for $2.9MM

Berkeley, East Bay, Bay Area, CBRE

Oakland – October 6, 2016 – CBRE’s East Bay multifamily team has announced the sale of 3020 San Pablo Avenue, a vacant land development site entitled for a 30-unit, mixed-use development located in Berkeley, California. The property sold for $2,900,000.

The City of Berkeley has approved 29 residential units and one commercial unit at the 9,104-square-foot site. The land was sold by a California Limited Liability Company, Berkeley West Apartments, LLC, and was purchased by local developer, Sparx 7, LLC. CBRE’s East Bay multifamily team, led by Keith Manson, First Vice President, and Zachary Greenwood, Associate, represented both parties in the transaction.

“The South Berkeley landscape has changed dramatically over the last five years,” said Manson. “We have seen the success of Berkeley Bowl West and several new residential developments in the immediate area, like the HIGBY at San Pablo and Ashby. With new tenants like City Sports Athletic Club at the Marchant Building and popular coffee shops and restaurants popping up in the area, the NOBE neighborhood is commanding top rents. Sites like this dormant vacant parking lot can be put to good use by providing new housing.”

Manson also leads CBRE’s East Bay multifamily investment properties group and serves the investment needs of both property owners and buyers with a focus on the sale of multifamily properties, land to develop apartment buildings and condominium conversions.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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