(EDITOR’S NOTE: According to public records, the property sold for $31 million. In December of 2018, the City of Emeryville received an initial proposal by Onni Group for a mixed-use development at the site that would include 638 residential units, a 16-story office tower and 20,000 square feet of ground floor retail. In July of 2020, the City issued a letter to Onni Group deeming the application withdrawn as their contract to purchase the site had expired. Onni Group had 15 days to appeal, states City records, but no appeal was filed and the application stands withdrawn.)
The unentitled 3.74-acre site offers potential to build multifamily, life science or office space to meet market demand
San Francisco, CA – Leading real estate professional services and investment management company Colliers has successfully partnered with CBRE to complete the sale of 5801 Christie Avenue in Emeryville, California from Invesco Real Estate, a global real estate investment manager, and Harvest Properties, to a global real estate investor. The sale, which closed on May 12, 2021, highlights the continued growth of commercial real estate in centers of excellence such as Emeryville and the demand for residential options to support the industry’s thriving workforce.
The Colliers’ Northern California Capital Markets Multifamily team of Matt Kroger, Ryan Wagner and Brandon Geraldo worked in partnership with CBRE’s Northern California Capital Markets team of Mike Taquino, Kyle Kovac, and Mark Russell to broker the transaction on behalf of Seller. CBRE’s Mark Koll provided leasing support.
The site, featuring views of San Francisco Bay, is currently unentitled, which offers a rare opportunity to design and develop a unique mixed-use commercial project that is centrally located in the East Bay’s thriving life science hub.
Emeryville’s multifamily market has emerged as one of the premier submarkets in the East Bay given its proximity to Berkeley and San Francisco as well as the city’s life science, biotech and technology brands.
Colliers (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $84.0 billion in real estate assets under management, 588 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.