Full Service Bay Area Real Estate Developer and Privately Held Real Estate Investment Firm Purchase 3-Story, 36,041 sf. 2168 Shattuck Avenue in Off-Market Sale
Emeryville, Calif. (September 3, 2015) – Harvest Properties, a full service commercial real estate investment, development and management firm in partnership with Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group, confirmed the off-market purchase of 2168 Shattuck Avenue in Berkeley, Calif., commonly known as Constitution Square, from a private individual. Deal terms remain undisclosed.
The three-story, 36,041 square foot office building, with four ground floor retail units, sits in a prime location one block from the University of California, Berkeley campus. Constitution Square is also located directly in front of the Downtown Berkeley BART Station, the second busiest station outside San Francisco, which is slated for a $12 million 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.
“We were very interested in an investment opportunity in Berkeley,” said John Winther, founder and managing partner of Harvest Properties. “This particular asset was appealing with its commuter-friendly location and close proximity to Cal’s campus, providing tenants with immediate access to a pool of highly qualified job candidates.”
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. Harvest has had proven success in creative space conversions, and will install a first class property and asset management team with direct expertise in such build-outs.
“With its highly desirable, transit-friendly location immediately adjacent to the soon-to-be-redeveloped Downtown Berkeley BART station and its potential for a tasteful modernization, we believe this asset presents a fantastic opportunity to capture the growing tenant interest we are seeing in Berkeley,” said founder and managing partner of The Roxborough Group, Marc Perrin. “Downtown Berkeley will continue to improve in the coming years with large investments from the Berkeley Art Museum and Pacific Film Archive and other private investors. We are excited to be partnering with Harvest, a first class operating partner, to help transform and professionally manage this asset.”
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.
“This was the perfect opportunity to acquire a value-add property in the heart of Downtown Berkeley,” Winther added. “We are proud to complete our first acquisition with partner The Roxborough Group and enter the diverse Berkeley market.”
Aileen Dolby of Colliers represented Harvest Properties and The Roxborough Group in the transaction.
About Harvest Properties
Founded in 2002, Harvest Properties is a full service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property, primarily through joint venture investments in Northern California. Harvest Properties strives to generate attractive returns for its financial partners and provide creative real estate solutions and outstanding service. Harvest Properties’ portfolio comprises approximately ten million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.
About The Roxborough Group
The Roxborough Group is a private real estate investment firm founded in 2013. Headquartered in San Francisco, California, the firm has a broad mandate to invest in all real estate asset classes, both directly and with operating partners. Roxborough focuses on opportunistic, value-add and transitional real estate assets, high-yielding real estate debt, real estate-related operating businesses, as well as high quality, lower risk and longer duration real estate investments. For more information, please visit www.theroxboroughgroup.com.