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.

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