Colliers to Market High-Profile Retail Center
Colliers to Market High-Profile Retail Center near UC Berkeley
Colliers International has recently come to market with a rare, never-before-listed investment opportunity adjacent to the iconic campus of UC Berkeley in what many consider could be the single most valuable site for a mixed-used development in the city.
Bancroft Center, located at 2580 Bancroft Way, stands at the heart of the university’s commercial district. As currently configured, it is a 30,370-square-foot retail center. But it is the project’s potential as a dynamic mixed-use development that could make it one of the most sought-after assets in all of Berkeley, Colliers officials reported.
“This site is strategically positioned along one of Berkeley’s main thoroughfares, connecting the UC Berkeley campus to surrounding residential and commercial enclaves serving students and area residents alike,” said Colliers Vice President Erik Hanson, one of the brokers marketing the property.
“Bancroft Center represents a truly rare opportunity to acquire absolute core real estate in one of the Bay Area’s liveliest 24/7 environments.”
Currently utilized as a retail center primarily serving the needs of the UC Berkeley student population, the property benefits from flexible zoning that allows for a variety of commercial uses, including retail, multi-family, and student housing. In addition, the surrounding area recently benefited from an increase in height limits, setting the stage for a potential re-development of the property into a mixed-use project containing high-end ground floor retail with multi-family housing units above.
“This is just an extremely rare combination of an urban infill location adjacent to one of the world’s great universities with excellent in-place income from current tenancy and re-development potential,” said Hanson. “It represents an opportunity for investors and developers to acquire trophy real estate in one of the Bay Area’s most high-profile markets. It’s an opportunity that doesn’t come along very often, especially in Berkeley, which has such high entry barriers.”