Leased NNN Investment or Owner

Leased NNN Investment or Owner-User
FOR SALE
Offered Exclusively by
John Gordon
(510) 704-1800
[email protected]
BRE# 00789365
Kevin Gordon
(510) 898-0513
[email protected]
BRE# 01884390
1001-1011 University Avenue
1925 Ninth Street
Berkeley, CA
The Property, situated in West Berkeley and
along the University Avenue corridor,
features rapidly growing density in a
bustling commercial stretch bridging a major
freeway and the Berkeley community up to
UC Berkeley. Own a significantly renovated
3-building complex stretching a full city
block. Four lanes of heavily traveled
University Avenue and a well rounded mix
of retailers and restaurants makes this an
optimal investment through an immediate
income stream and a broad potential of
future create reuse prospects as the area
continues to thrive.
SALE PRICE: $7,500,000
CAP RATE: 5.30%
INVESTMENT HIGHLIGHTS
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Building Size: ± 29,651 sq.ft. (3 buildings)
Lot Size: ± 37,704 sq.ft. (3 parcels)
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Highly visible Full Block Frontage on University Avenue
Buildings significantly renovated in 2010/2011 for Premier Cru Retail, Premier Cru Warehouse, and Bauman College
Site consists of a parking lot and three leased buildings on heavily-trafficked University Avenue
Along main thoroughfare from I-80 to UC Berkeley
260 feet of frontage on University Avenue with a depth of 140 feet on 10th Street and 150 feet on 9th Street
5 blocks to Berkeley’s 4th Street regional shopping district
Nearby to San Pablo Avenue – home to a wide variety of home furnishings, accessories and home improvement stores
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Potential for add-value developers to reposition a significant plot on Berkeley’s prominent University Avenue
Opportunity for Partial Owner-User
LEASE TERM OVERVIEW
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Premier Cru Retail and Warehouse – 1001 & 1011 University Avenue
 Lease expiration: February 10, 2030
 10-year extension option
 CPI annual increases (min. 1%, max. 5%)
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Bauman College – 1007 University Avenue
 Lease expiration: Q1 2021
 Two 5-year extension options
 CPI annual increases (max. 3%)
(Contact Broker for Additional Lease Information)
DO NOT DISTURB TENANTS.
Tours available upon request. Please contact Listing Broker for details.
2091 Rose Street, Berkeley, CA 94709 · (510) 704-1800 Ph · (510) 704-1830 Fx · BRE# 00789365 · www.gordoncommercial.com
TENANT INTRODUCTION
Premier Cru was founded in 1980 with the idea of featuring
the world’s finest wines at cutting edge prices. With our focus
on hard to find and limited production offerings, we also
wanted to specialize in sourcing old and rare bottles. Our first
store opened on Piedmont Avenue in Oakland and quickly
became very popular due to our exceptional selection and
prices. In the 1990’s, with the explosion of the internet, our
website went live and this became the catalyst for bringing
Premier Cru to its national prominence. With our increasing
popularity, we began importing more wines and eventually
found that we had outgrown our space on Piedmont Avenue.
In 1998, we relocated to a much larger store in Emeryville and
remained at that location for over 10 years. In late 2010, we
decided to purchase our own building on University Avenue in
Berkeley.
The Berkeley location has allowed us to feature a wide
selection of wines on display in our state-of-the-art retail store.
With the opening of our retail store in Berkeley, Premier Cru
brings to the table a collective staff of wine experts that
features over 150 years of combined experience.
A 501(c)(3) non-profit organization, aims to create a
sustainable culture of wellness in individuals, in the
community, and in our health care delivery system by
promoting a comprehensive and integrative approach to
holistic nutrition and the culinary arts. We educate people of
all ages to participate in an earth-friendly paradigm shift that
supports natural chemical-free agriculture, aqua culture, and
animal culture to feed and heal a malnourished world. Our
professional training programs prepare individuals for
successful careers as Nutrition Consultants and Natural Chefs.
The Bauman College community brings Eating for Health to
schools, businesses, hospitals, clinics, public agencies, and
events such as wellness fairs and farmers’ markets to teach
hands-on skills that promote health, wellness, recovery, and
sustainability worldwide.
LOCATION
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Surrounded by dense residential neighborhoods and street retail
Major corridor to UC Berkeley and Downtown Berkeley
0.5 miles to I-80
1.5 miles to UC Berkeley
± 29,000 people live within one-mile
± 171,000 live within three-miles
RETAIL ENVIRONMENT IN THE VICINITY
The Property is near two distinct shopping areas that attract high volumes of local and regional
shoppers and will benefit greatly from that proximity.
4th Street - Shopping, Dining, Living
4th Street’s high-end retail strip is a regional draw, just 5 blocks from the property, generates
high traffic volumes of shoppers looking to buy clothing, accessories, or furniture, and to dine
in upscale restaurants.
Retailers include Apple, MAC, Travel Store, Design Within Reach, Title Nine, CB2, Crate and
Barrel, California Closets, Rejuvenation, Anthropologie, and more.
See www.fourthstreetshop.com for a complete directory of businesses in the area.
West Berkeley Design Loop – Unique Home Improvement Merchant
This two-mile area on San Pablo Avenue is densely populated with home furnishings,
accessories, and home improvement stores including many green businesses and generates
local and outside patron.
The West Berkeley Design Loop is a group of local merchants, teamed up to provide an
unparalleled home improvement shopping experience. See: http://westberkeleydesignloop.org.
Located along a convenient path of travel, accessible from I-80 via the Ashby Avenue,
University Avenue, or Gilman Street exits, the West Berkeley Design Loop merchants work
together in the spirit of "co-opetition".
Retailers include OSH, Mancini’s Sleepworld, Truitt & White Hardware, The Wooden Duck,
Looking Glass Photography, Metro Lighting, Fenton MacLaren Home Furnishings, Keetsa
Eco-Friendly Mattresses, and more.
NEW DEVELOPMENTS IN THE AREA
The Aquatic
University Ave. at 5th St.
· 58 residential units
· 1,175 rsf retail
· Under construction
Mixed-Use
· 152 residential units
· 8,500 rsf retail
· Approved
Fourth & U
· 171 residential units
· ground floor retail
· Completed
Retail Redevelopment
· 18,000 total rsf retail
· 10,000 additional rsf
· Renovate Spenger’s Fish Gratto
· Proposed
Mixed-Use
· 135 residential units
· 33,000 rsf retail
· Proposed
The Avalon
· 99 residential units
· ground floor retail
· Completed
BUILDING FEATURES
1001 University Avenue – Warehouse Space
 Open floor plan warehouse with high ceilings
 3 5-ton A/C units
 Roll-up and dock high loading
 Mezzanine space and skylights
 ADA restroom
 Sprinkler system
1007 University Avenue* – Culinary School
 High capacity commercial kitchen facilities, multiple hoods
 Private courtyard out front
 Custom refrigeration and class rooms
1011 University Avenue – Showroom, Office, Storage
 7 private offices and open office space
 ADA restrooms
 Full kitchen with hood
 Storage area with roll-up door and dock high loading
 New HVAC throughout
SITE PLAN
Building
Ground
Second/Mezzanine
Total
1011 University Ave.
8,632
3,994
12,626
1007 University Ave.
7,400
1001 University Ave.
8,864
7,400
761
9,625
29,651
CONSTRUCTION & BUILDING
INFORMATION
1001 University Avenue
 Concrete-block structure built over a concrete slab foundation
with a wood-beam roof
 Built circa 1980
 25-foot-high ceilings with mezzanine space
1007 University Avenue*
 One-story concrete-block structure built over a concrete slab
foundation with a wood-beam roof
 Built circa 1949
 Building Exterior is improved with painted stucco and painted
concrete block
 Building has a U-shaped 7,400 square foot ground floor
creating a courtyard along University Ave
1011 University Avenue
 Concrete block structure built over a concrete slab foundation
with a wood beam roof
 Built circa 1980
 Building Exterior is improved with painted stucco
 This building has an L-shaped footprint, 25 foot ceiling height,
and second level office space
1925 9th Street
 Fenced land
 13 parking stalls and trash enclosure
 Zoned R-3 (Restricted Three-Family Residential)
Access/Egress
 9th Street access to the parking lot
 10th Street alley to the parking lot
LANDMARK DESIGNATION
1007 University Avenue
“Mobilized Women of Berkeley” building - circa 1949.
Architect: P.L. Coates. Landmark designation: 7/20/2009.
In May 1917, at the height of World War I, many Berkeley
women’s groups got together to mobilize for the war effort.
They named their new body the Mobilized Women’s
Organizations of Berkeley, conducting many successful drives
for food conservation, liberty bonds, and the Red Cross, and
developing a program to reclaim discarded items that could be
made useful again, selling them through their thrift stores.
Renamed Mobilized Women of Berkeley (Moby) after WWI,
the organization continued its activities during the Depression
and WWII. In 1949, Moby established a community center in
this building, providing adult and youth activities that
included recreation and camping programs, a literacy school,
family rehabilitation and relief work. Through the 1950s and
1960s, they continued with their welfare and community
service work in West Berkeley. Upon retirement in 1969, they
gave the building to the Alameda County Association of
Retarded Citizens.
The Mobilized Women building is an excellent example of a
uniquely Berkeleyan architectural construction technique,
utilizing the cast-in-place concrete wall form embedded with
translucent glass blocks. Philip L. Coats, who often worked as
Bernard Maybeck’s contractor, based the design on
Maybeck’s earlier (1938) building for the same organization,
located at 1001 University Avenue (demolished in 1980).
[Designation appealed to City Council and remanded to the
LPC. Redesignated on 4 March 2010.] The landmark
application is available online.
ZONING AND DEVELOPMENT
Development Standards: 50’ and 4 story height limit for mixed-use projects, property includes and is adjacent to R-3 zoning.
Zoning for the site, subject to a site-specific city review and approvals, allows for retail or mixed-use such as multifamily over retail.
Address
Parcel Number
Parcel SF
Year Built
Zoning
1001 & 1007 University Ave
057-2089-012-01
20,804
1980/1968
C-W
1011 University Ave
057-2089-014-01
10,400
1980
C-W
057-2089-015
6,500
th
1925 9 St (Parking Area)
R-3
PHOTO TOUR
John Gordon
(510) 704-1800
[email protected]
BRE# 00789365
Kevin Gordon
(510) 898-0513
[email protected]
BRE# 01884390
The information contained herein has been provided by the owner of the property or other sources we deem reliable. We have
no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase.
2091 Rose Street, Berkeley, CA 94709 · (510) 704-1800 Ph · (510) 704-1830 Fx · BRE# 00789365 · www.gordoncommercial.com