An affiliate of Walton Street Capital and SteelWave have acquired 1450 Sherwin Ave., a three-story building consisting of 72,000 square feet with optionality to either redevelop for life science or office use in Emeryville, Calif. The financial terms were not disclosed.
The seller was LMC.
The site provides an investor with the opportunity to redevelop a large-block vacancy taking advantage of strong tenant demand in a rising rental rate environment.
Located in the heart of Emeryville, the property is directly adjacent to Lennar Multifamily Communities’ (LMC) fully entitled 7.9-acre mixed-use development, a development slated to consist of 500 residential units, a 2.5-acre public park and 4,000 square feet of retail amenities. Additionally, the property will soon offer direct connectivity via a pedestrian bridge to the Bay Street Shopping Center, Emeryville’s premier retail hub.
With current tenant demand of 630,000 square feet, the Northern East Bay
