By Jon Peterson
A local private family trust has put up for sale the Berkeley Innovation and Technology Park, an 8.67-acre redevelopment site located in West Berkeley, according to sources familiar with the project. This land could be redeveloped into a new project totaling as many as 475,000 square feet. Part of the site is located at 600 Addison Street, a parcel bordering the waterfront of the San Francisco Bay. A residential development, Avalon Berkeley is just across the street, as well.
The asset is offered for sale with no set asking price at this time.
The seller is represented in the sale by the Oakland and San Francisco offices of JLL. Two people involved in the offering are Sam Swan, a managing director in the Oakland office, and Jordan Lazor, an associate in the San Francisco office. JLL declined to comment when contacted for this story.
The property currently has three existing R&D and warehouse structures on the site, totaling around 55,000 square feet. Two of the tenants in those buildings are Plexxikon, a life science startup, and OpenROV, a manufacturer of an underwater, drone-like camera device. The occupants have been characterized as very loyal tenants that have been in the buildings for some time. Their leases have produced in-place net operating income of $1.25 million on an annual basis, according to sources. This income would allow the new owner to achieve cash flow while it takes the site through the entitlement process.
The land has a current zoning of mixed-use and light industrial. There is potential in the future that the site could be turned into a campus for office, life science, technology or bio-technology. This property is located adjacent to the 200-acre Aquatic Park.