X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAKLAND, CA-Berkeley Land Co. of Walnut Creek, CA has sold Temescal Plaza, a 44,362-sf retail center here that it developed in the latter half of the 1990s. The four-building center at 5055 Telegraph Ave. is 93% leased to six tenants including Walgreens, Genova Deli, H&R Block, California Bank and Trust and the United States Post Office. The sale price was $14 million.

The new owner is a partnership of two San Francisco-based companies, the real estate investment management firm Zapolski Rudd LLC and retail developer Reininga Corp. For Zapolski Rudd, the center represents the up-leg of a 1031 exchange; the down-leg was the December 2006 sale of 580 Market St. in Downtown San Francisco.

Zapolski Rudd’s Matt Brasler tells GlobeSt.com the drug store and the post office are long-term tenants and each has its own building. The upcoming value-add opportunity is re-tenanting space that will be vacated by a gym at the end of the year. The triple-net asking rent at the property is $4 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.