28,000 sq. ft. Retail and Development Site with Potential for 70 Units 5 Blocks from Campus Sold by CBRE’s East Bay Multifamily Group
CBRE Group, Inc. has announced the sale of 2565-2589 Telegraph Avenue, a five-unit retail and potential re-development site in Berkeley, California, located just five blocks from the University of California, Berkeley. The property sold for $6,000,000 and $321.84 per square foot. The in place CAP rate was approximately 3.44 percent. The property was sold by a local investor, 2565 Telegraph, LLC, and purchased by an entity controlled by Anchor Valley Partners, whose principals are Sid Lakireddy and Chris Brawer. CBRE’s East Bay Multifamily Team, led by Keith Manson, First Vice President, and Zachary Greenwood, Associate, represented both parties in the transaction.
“The Telegraph Avenue corridor has long been one of the best retail locations in Berkeley and with the flexible in-place zoning covering the property, the Buyer will have several different long term options,” commented Manson.
Keith Manson 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 multi-family properties, land to develop apartment buildings and condominium conversions/reversions.
Anchor Valley Partners (AVP) is a vertically integrated boutique real estate investment company founded by Sid Lakireddy and Chris Brawer. Since 2003, Sid has managed the largest multifamily portfolio in Berkeley, consisting of 3,300 student housing beds, as well as 200,000 square feet of commercial space. During this time, Sid has led a small group of family and friends in acquiring and repositioning 200 units consisting of 600 beds. Having met with considerable success, Sid and Chris created AVP as an investment vehicle to provide an opportunity for others to join in acquisition efforts not only in Berkeley but throughout the Bay Area. While AVP provides acquisition, financing, and asset management expertise, it also oversees all property management operations directly through its Berkeley-based property management arm Square One Management.
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 370 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.