Dealmaker: Marcus & Millichap’s Levin Johnston Announces $13M Sale in California

(Image courtesy of Levin Johnston)

Levin Johnston, a part of Marcus & Millichap, Calabasas, Calif., announced it has closed the sale of a retail building in Berkeley, Calif., for $12.7 million.

The property, a 12,419-square-foot building currently anchored by Walgreens, was acquired by restaurant chain Raising Cane’s and will become the location of a new flagship restaurant.

The property is near a major entrance to the University of California, Berkeley, campus.

“For this transaction, we were able to capitalize on what we know about the Berkeley market as a whole and how it impacts retail real estate in the area,” said Adam Levin, Executive Managing Director of Levin Johnston. “The multifamily market in Berkeley, one of the East Bay’s largest, boasts over 19,000 units, with renters accounting for 60% of households. Also, UC Berkeley significantly influences the rental market, with over 42,000 students enrolled and only about 7,000 on campus, fueling substantial demand for off-campus housing. Additionally, the city’s unique urban college town atmosphere has been a key strength of this submarket. These factors, along with Berkeley’s solid employment fundamentals, help drive retail demand in the region.”