Investment Property in Berkeley’s Adeline Corridor Sells for $13.15MM – Single-Tenant NNN Investment Property with Significant Development Potential

Cushman & Wakefield announced it completed the sale of 2700 Shattuck Avenue in Berkeley, CA, a 22,514 square foot single-tenant commercial property. Leased on a long-term basis to an established auto dealership, the property has significant future development potential due to its location within Berkeley’s “Adeline Corridor Revitalization Plan” area.

2700 Shattuck sold for $13.15 million to an investment partnership affiliated with Hudson-McDonald, a Berkeley-based development and investment company. The seller of the Property, Rawson, Blum and Leon, a San Francisco development company, was represented by Cushman & Wakefield’s San Francisco-based Retail Investment Advisors team. The buyer was represented by Hudson-McDonald.

Dan Wald, an Executive Managing Director with Cushman & Wakefield’s Retail Investment Advisors team, was joined by his partners Eric Kathrein and Don LeBuhn (collectively The Wald | LeBuhn | Kathrein Team) in executing the disposition on behalf of the seller. Mr. Wald said, “The Team was able to identify the ideal buyer for the asset, a Berkeley-based, long-term holder with the development expertise to realize the full value of the parcel as the Berkeley Downtown/Adeline Corridor becomes fully developed.”

Mr. Kathrein added, “The seller achieved an excellent return on its investment, while leaving the development upside on the table for an investor with local development expertise and a longer time horizon.”

The Wald | LeBuhn | Kathrein Team covers the greater San Francisco Bay Area, Sacramento/Central Valley and Northern Nevada markets for Cushman and Wakefield’s nationwide Capital Markets – Retail Investment Advisors. With combined commercial real estate experience exceeding 55 years, the Team has completed over 200 transactions totaling approximately $3 billion in overall value. Cushman & Wakefield’s Retail Investment Advisors represents institutions and private capital investors nationally in the disposition of retail investment and development properties across all retail property types.

West Coast Commercial Real Estate News