|
|
9/04/15
|
Bancroft Center, a retail property situated adjacent to the campus of UC Berkeley, sold for $18.5 mil in a deal local pros tell us ranks as the most valuable property ever sold for a future mixed-use development in the city of Berkeley. Located at 2580 Bancroft Way, the center was purchased by Athens, GA-based Landmark Properties, a leading, national developer/manager of high-quality off-campus student housing.
The 28.4k sf site currently houses a 30k sf retail building occupied by nine tenants that serve the student population and residents of neighborhoods near the university. The property also contains the Julia Morgan-designed Fred Turner Building, a 14k sf, city-designated landmark, which will be preserved in any future development.
Frank Wheeler, Brandon Geraldo, Tony Crossley and Tim Maas of Colliers International represented the property seller, Bancroft Center Company.
“This is, without a doubt, the most significant mixed-use site to be sold in Berkeley in the last 10 years,” said Wheeler. “The fact that this long-sought-after property received significant interest and offers from local private investors, foreign capital as well as national multi-family developers, is indicative of the tremendous potential for the property.”
A city-sponsored feasibility study conducted on the property projected development of a multi-level, mixed-use project with up to 132 apartment units combined with approximately 21k sf of saleable commercial retail space.
“Buyers are paying a premium for well-located sites like this even without entitlements,” said Geraldo. “That fact, and with the city studying higher and better uses for such under-utilized properties, places this sale in the vanguard of what could be a growing trend toward higher-density development to serve the growing student and residential populations.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
