Berkeley, California – February 9, 2012 – Sansome Pacific Properties, Inc. and Somera Capital Management, LLC have purchased the +/-51,800 square foot former Ross Department Store building located at 2190 Shattuck Avenue in the heart of downtown Berkeley.
The building has an existing tenant, Fast Response, located in the basement while the two-story portion has been vacant since January 2008. The ground floor retail has been leased to Walgreen Pharmacy to allow for their new “Wellness Store” concept. The second floor of the building is being converted to approximately 19,000 square feet of Class A office space with an open floor plate benefitting from 9×12 picture windows, high ceilings, and modern amenities.
Aileen Dolby, Senior Vice President of Colliers International in Oakland is the exclusive leasing agent. “A large two-story retail building in a downtown urban infill market is functionally obsolete. With six percent (6%) vacancy for Class A Office converting the building to multi-tenant mixed use better serves the communities needs for today’s active retail and office tenants”, says Aileen Dolby.
The venture is investing over $3 million in property renovations including exterior façade renovations and building upgrades. A Berkeley City Downtown revitalization program is currently underway, with an expected completion date in 2013 that will include the renovation of the Bart Plaza directly in front of the property further enhancing the image of this corner and busy urban neighborhood.
About Colliers International
Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. Colliers Parrish International, Inc., dba Colliers International, is headquartered in San Jose and has 11 offices in California and Nevada. For additional information visit www.colliers.com.
The Registry www.theregistrysf.com