SAN FRANCISCO, CA – April 16, 2015 – HFF announced today that it has closed the sale of 2190 Shattuck Avenue, a 100-percent leased, 47,281-square-foot, mixed-use building in Berkeley, California, anchored by a ground-floor Walgreens with second-story creative office tenancy.
HFF marketed the asset on behalf of the seller, a partnership between Sansome Pacific Properties, Inc. and Somera Capital Management.
The property is situated directly on top of the Downtown Berkeley BART station and is within one block of the University of California at Berkeley, providing one of the most heavily trafficked locations in the region. Built in 1956 through 1957, 2190 Shattuck was significantly renovated in 2012, attracting Walgreens to sign a brand new 50-year lease to anchor the property, as well as two technology-oriented tenants that lease the creative office space and a medical training facility on the lower level.
The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo, associate director Danny Reddin, senior managing director Steve Golubchik and real estate analyst Brandon Rogoff.
“2190 Shattuck is an exceptional ‘covered land play’ where the existing income and location are rock solid, and the current zoning provides for several different exit strategies,” Bicardo said. “We saw an overwhelming amount of capital show up, including a significant amount of foreign, highlighting the continued demand for infill sites situated near major transportation lines.”
“Additionally, the property benefits from lease provisions that allow redevelopment of the property,” Reddin added. “These provisions, combined with Berkeley’s critical housing shortage and pro-development initiatives, make 2190 Shattuck one of the premier redevelopment sites in the San Francisco Bay area.”
About Sansome Pacific Properties Inc.
Sansome Pacific Properties Inc. is a privately owned real estate investment firm specializing in the acquisition, development, repositioning, financing and disposition of commercial single and multi-tenant assets throughout the United States. Sansome Pacific endeavors to keep entrepreneurship at the backbone of its objectives and is, therefore, receptive to a wide variety of investment plays if the fundamentals make sense. For more information, visit sansomepacific.com.
About Somera Capital Management
Somera Capital Management is a boutique real estate investment firm that was founded in 1994 to acquire and manage value-added real estate investments on behalf of its principals and third party investors. Somera invests in properties that are well-located with sound physical and economic fundamentals, properties that have the ability to generate attractive levels of distributable cash, and properties to which Somera can add value by executing recapitalization or repositioning strategies. Learn more at someracapital.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF