Jonathan Rose Companies
 
El Granada Building
Berkeley, California

In January 2011, the Rose Smart Growth Investment Fund acquired El Granada Building located at 2510 Bancroft Way in Berkeley, California through a joint venture with the Rose Smart Growth Invetment Fund IA (a separate account for TIAA-CREF) and co-investors.  A historic 46,000 s.f. of retail and residential building, El Granada Building consists of 46 apartments with 15,000 s.f. of ground-floor retail space leased to national and local retailers.

El Granada Building is directly across the street from the University of California Berkeley campus on one of Berkeley’s prime retail corridors, Telegraph Way.  It is proximate to the Student Union and Sproul Plaza, central gathering spots for the university’s 35,000 students and 14,000 faculty and staff.  The property’s Southside neighborhood is one of Berkeley’s truly pedestrian-oriented areas; most residents do not own cars.  The property is served by six bus lines and is within a half mile of the Downtown Berkeley BART station.  Future plans for Bus Rapid Transit (BRT) along Telegraph Avenue from Oakland to the U.C. Berkeley campus are also underway.

Due to the exceptionally high pedestrian traffic count and proximity to campus, the block of Telegraph Avenue on which the property sits commands some of the highest retail rents in Berkeley.  There is a waiting list for prospective residential tenants and the apartments historically maintain near 100% occupancy year-round.

The JV’s acquisition of El Granada Building represented the first time the property was sold since it was developed in 1905.  The JV will increase energy efficiency and professionalize management.  While the property is in good condition overall and underwent renovation in 1995, the JV also plans to conduct a limited capital improvement program focusing on enhancing common areas and developing green specifications for unit turnovers.

 

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Firm Role
Owner in joint venture with TIAA-CREF and other co-investors 

Project Profile
Acquisition and green transformation of an historic residential and retail property adjacent to the U.C. Berkeley Campus. 

Total Project Size / Budget
46 apartments 
15,000 square feet of retail / $19,620,000 

Financing Sources
Standard Life Insurance Company 
Seller Loan 

Completion
Renovations in planning stage