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10/10/16
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A 9.1k sf vacant land development site in Berkeley has sold for $2.9 mil. The parcel, located at 3020 San Pablo Ave, one block south of Ashby Ave and a few blocks in from the Bay, is entitled for a 30-unit, mixed-use project. The City of Berkeley has approved 29 residential units and one commercial unit at the site.
The land was sold by a California Limited Liability Company, Berkeley West Apartments LLC, and was purchased by local developer, Sparx 7, LLC. CBRE’s East Bay multifamily team, led by Keith Manson, First Vice President, and Zachary Greenwood, Associate, represented both parties in the transaction.
“The South Berkeley landscape has changed dramatically over the last five years," said Manson. "We have seen the success of Berkeley Bowl West and several new residential developments in the immediate area, like the HIGBY at San Pablo and Ashby. With new tenants like City Sports Athletic Club at the Marchant Building and popular coffee shops and restaurants popping up in the area, the NOBE neighborhood is commanding top rents. Sites like this dormant vacant parking lot can be put to good use by providing new housing."
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