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2/29/16
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Jeremy’s Department Store, a discount department store, has purchased a 12k sf commercial building in downtown Oakland for $2.6 mil, or about $217/sf. The store is located at 1701 Franklin St, within the Uptown neighborhood in the city’s downtown.
The property had been the long-time home of First Church of Christ, Scientist, Oakland, for more than 100 years. The church was also the seller of the property.
Jeremy's will consolidate department store locations from the cities of San Francisco on S. Park St (now closed) and Berkeley on College Ave to this new vibrant Oakland location. The new owner plans to completely renovate the 20th-century Romanesque Revival church building while also preserving the historical integrity of the property.
1701 Franklin is located one block from BART and is adjacent next to a 182-stall city parking garage. The property is also just two blocks from the future Uber headquarters and is close to Uptown’s popular entertainment venues such as Fox Theater and Paramount Theater. The area has emerged as a new, up-and-coming location in the San Francisco Bay Area.
John Dolby and Dane Hooks with Cushman & Wakefield’s Oakland office represented both parties in the transaction.
“This transaction adds to the positive resurgence of exciting retail growth in Uptown Oakland,” Mr. Hooks said. “Uptown was considered a retail mecca in the 1930s and 1940s, and now about 80 years later we are seeing indicators toward a return of such prominence.”
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