CBRE announced today that is has sold 2619-2629 Seventh St in Berkeley, CA (“Berkeley Brass”) on behalf of a joint venture between Lift Partners, Acre Valley Real Estate Capital and Blackbird Investments for $9.5M ($436 PSF). Berkeley Brass is a +/- 21,800 sf warehouse / R&D building that was acquired in 2016.
Located in West Berkeley the property is 100% leased to four tenants including Enchroma, Mar Structural, Mosswood and Home Base Spirits.
“This is a unique asset,” said Mike Raffetto of CBRE who brokered the sale and also leased the building from 20% to 100% occupancy. “With tall exposed structural steel ceilings, radiant heated flooring and outdoor patio amenity space, Berkeley Brass is a bullseye for creative industrial and office space.
The Berkeley / Emeryville market remains one of the strongest in the nation. A dearth of new supply has led to record-setting land prices, rents, and property trades in core Bay Area submarkets.
About Lift Partners
Founded in January 2015, Lift Partners is a full-service real estate investment company focused on the adaptive re-use and repositioning of commercial properties. Lift concentrates primarily on value-add, infill opportunities and opportunistic development along the West Coast. Our expertise is bringing the necessary skills through brokerage relationships, construction and market knowledge and thoughtful execution to create value for our investors. We apply our approach to office, industrial and mixed-use properties often times with challenging structural, environmental or historic designation hurdles to overcome. Take the best of the old and refresh new. Lift’s portfolio to date has included over 230M+ in gross investment, $50M+ of construction projects and 1.2M+ square feet of assets in Bay Area, Seattle & Southern California.