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9/02/16
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In development news out of the East Bay, Anchor Valley Partners acquired a 28k sf, five-unit retail property and potential re-development site in Berkeley for $6 mil. The site is located at 2565-2589 Telegraph Ave, just five blocks from the University of California, Berkeley.
The property was sold by a local investor, 2565 Telegraph LLC. Anchor Valley Partners purchased the asset through a related entity. The transaction had an in place cap rate of 3.44%. Keith Manson and Zachary Greenwood with CBRE represented both parties in the transaction.
We’re told that the site has the potential for a residential project containing 70 units. According to Manson, the Telegraph Avenue corridor has long been one of the most desirable retail locations in Berkeley and with the flexible in-place zoning covering the property, the buyer will have several different long term options.
Anchor Valley Partners (AVP) is a vertically integrated boutique real estate investment company founded by Sid Lakireddy and Chris Brawer. Since 2003, Sid has managed the largest multifamily portfolio in Berkeley, consisting of 3,300 student housing beds, as well as 200k sf of commercial space.
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