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8/02/16
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A 22.5k sf, single-tenant commercial property in Berkeley sold for $13.15 mil. The single-tenant, NNN property is located at 2700 Shattuck Ave, south of University Ave and west of Telegraph Ave, a short distance from the University of California campus.
The property, leased on a long-term basis to an established auto dealership, has significant future development potential due to its location within Berkeley’s “Adeline Corridor Revitalization Plan” area.
The buyer was an investment partnership affiliated with Hudson-McDonald, a Berkeley-based development and investment company. They are experienced developers and are expected to realize the full value of the parcel as the Berkeley Downtown/Adeline Corridor becomes fully developed.
The seller of the property, Rawson, Blum and Leon, a San Francisco development company, was represented by Dan Wald, Eric Kathrein and Don LeBuhn of Cushman & Wakefield’s San Francisco-based Retail Investment Advisors team. The buyer was repped by Hudson-McDonald.
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