Commercial Property Executive: Proximity to UC Berkeley Campus Lures Yet Another Investor
We are apparently entering Berkeley real estate’s prime time as of late.
Following the acquisition of the Bancroft Center by Landmark Properties, another property was recently snapped up by investors. A partnership between Harvest Properties and The Roxborough Group’s Roxborough Fund I acquired Constitution Square, an office asset that also offers a retail component.
The transaction is the first one to be completed by the partnership. Harvest and Roxborough were represented by Aileen Dolby of Colliers International.
Purchased in an off-market transaction from a private seller, the property located at 2168 Shattuck offers a total of 36,041 square feet of space. The asset offers mostly office space, with a ground floor retail element, consisting of four units, also part of the package. Built in 1911, and then renovated in 1984, the asset is located in the proximity of the Allston Way Garage, a 610-stall parking facility, as well as the University of Calfornia, Berkeley campus and the Downtown Berkeley BART Station.
Constitution Square is set to undergo a repositioning process that will reportedly include full-floor conversion of the building’s second floor to open-concept, transforming the asset into creative space. The new owners will also add a dedicated asset management team at the property in order to make sure that the new direction will be maintained during the repositioning process.