(EDITOR’S NOTE: According to public record, the campus sold for $10.1 million, or $210 per square foot.)
Berkeley, CA — Long Market Property Partners today announced the acquisition of 600-626 Bancroft Way in Berkeley, CA, a picturesque 48,000 square foot, 3-building office and R&D campus. The property abuts Aquatic Park in West Berkeley with views of both the Berkeley Marina and San Francisco skyline in the distance. The eclectic West Berkeley market is home to numerous bio-technology companies along with several notable multi-family developments in addition to the prominent 4th Street retail corridor.
The property was acquired by Long Market Property Partners with the goal of continuing to provide quality office and R&D space for both large and small companies looking to make the Emeryville / West Berkeley market their home. According to Justin Shapiro, Principal of Long Market Property Partners.
“We are excited to be part of the growing West Berkeley market which is increasingly catering to biotechnology companies with a steady stream of ideas and innovation coming out of the University of California at Berkeley. It’s a project we feel will enjoy long term success given the serene setting on Aquatic Park lake coupled with the walkability to numerous shopping and dining options on 4th Street.”
John Norheim and Steve Smith of Norheim & Yost represented the seller, a private local holding company. Long Market Property Partners represented itself in the transaction. Steve Smith comments, “We’re thrilled to have the guys at Long Market involved with this dynamic West Berkeley community of property owners”.
About Long Market Property Partners
Long Market Property Partners is a privately held real estate company that takes a hands-on approach to owning and operating real estate. We seek investments that allow us to leverage our experience in leasing, property management, capital improvements and tenant relationships to mitigate risk and deliver superior returns to investors. The principals of Long Market have a track record acquiring and repositioning assets across multiple west coast markets and bring a thoughtful blend of both institutional and entrepreneurial strategies to each investment.
About Norheim & Yost
Norheim & Yost is a Commercial Real Estate Firm specializing in sales and leasing of office, industrial and retail properties, leased investments, and assemblage of development sites in the cities of Berkeley, Emeryville, Oakland, Albany, El Cerrito and Richmond. John Norheim and Donald Yost have worked together since 1972 and officially established the company in 1982. Steve Smith joined the firm in 2001 and became a partner in 2013. Since the establishment of the company, Norheim & Yost has completed over 3,000 transactions, representing landlords, tenants, developers, and investors.