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3/04/25
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A 12.4k sf retail building in Berkeley was acquired by restaurant chain Raising Cane’s in a $12.7 mil ($1,024/sf) transaction. The property, which is currently anchored by Walgreens, will be the future location of a new flagship restaurant.
The property is located at 2310 Telegraph Ave, adjacent to the University of California, Berkeley, campus. Within close proximity to major thoroughfares I-580 and I-880, the San Francisco-Oakland Bay Bridge, and numerous public transit options, the asset offers easy access to major employers, shopping, dining and entertainment options.
Robert Johnston and Adam Levin with Levin Johnston of Marcus and Millichap represented the unnamed seller in the transaction.
Discussing the drivers behind the transaction, Levin notes “The multifamily market in Berkeley, one of the East Bay’s largest, boasts over 19,000 units, with renters accounting for 60% of households. Also, UC Berkeley significantly influences the rental market, with over 42,000 students enrolled and only about 7,000 on campus, fueling substantial demand for off-campus housing. Additionally, the city’s unique urban college town atmosphere has been a key strength of this submarket. These factors, along with Berkeley’s solid employment fundamentals, help drive retail demand in the region.”
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