RENTV.com: Harvest Properties and The Roxborough Group Pick Up Berkeley Asset
A three-story, 36k sf office and retail building in Berkeley was purchased in an off-market transaction by. The price was not disclosed.
Located at 2168 Shattuck Ave, just one block from the University of California, Berkeley campus, the building is commonly known as Constitution Square. The property consists of office space over four ground floor retail units.
Constitution Square is situated directly in front of the Downtown Berkeley BART Station, the second busiest station outside San Francisco, which is slated for a $12 mil renovation in 2016. Immediate BART access and adjacency to the 610-stall Allston Way Garage for parking provide superior transportation options, and with the multitude of diverse amenities in Downtown Berkeley, tenants are afforded the ultimate “work-play-live” lifestyle.
Constitution Square marks the first acquisition for the partners, who plan on undertaking a repositioning of the property to bring it up to market standard, including a complete full-floor conversion of the second level to open-concept, creative space with exposed ceilings and ductwork, an open-concept kitchen, modern finishes and exclusive outdoor space.
The property was developed in 1911 and last renovated in 1984. As a part of their repositioning, Harvest and Roxborough plan to make cosmetic upgrades to the exterior and renovate the office lobby and entrance, along with the development of a commuter-friendly bike storage area in the lower level.
Aileen Dolby of Colliers represented Harvest Properties and The Roxborough Group in the transaction. The property was sold by an unnamed private investor.