"What we are really selling is the future deliverability of a piece of property that right now, in its current form, cannot be used," Accelerated Marketing Group principal Todd Good tells GlobeSt.com. Good worked under his father at Sheldon Good & Co. then started Sperry Van Ness' auction division before going out on his own in 2002. "I've been doing this a long time and I've never seen this done."
Located near Interstates 80 and 580 and Golden Gate Fields, the parcels consist of a 3.36-acre block and a 1.42-acre lot. The site's M Zoning, which permits numerous uses including warehousing, distribution, light manufacturing, production facilities and arts/crafts, makes the land parcels highly desirable. In addition, Good says a retail auto overlay is being put in place by the City of Berkeley, a fact upon which the sellers are willing to make the sale contingent.
"The process will allow the buyers to act as the owners before they close," Good says. "They will have 15 months to go get entitlements, basically on the sellers' nickel."
The seller is a three-entity partnership that includes Susan Hollingshead, a founding partner of Land Bank Inc. and Renova Partners, which acquires environmentally challenged properties for redevelopment; Memar Properties Inc. (Ali Kashani), a Berkeley area property and asset management specialist; and Rawson, Blum and Leon (Jeff Leon, David Greensfelder), a full-service real estate firm.
Hollingshead will oversee the remediation of the site by Engeo Inc., Good says. If the ultimate buyer is an out-of-market investor or a user that wants to redevelop the site, the rest of the trio team might come into play, with Memar Properties being retained to handle the entitlement process and Rawson, Blum and Leon overseeing the development.
"I think end users will come into play," says Good, who held tours on May 9 and will do so again on May 23. As for the value of the property, a local industry source tells GlobeSt.com that if used for light manufacturing, the property might be worth between $40 and $60 per sf. If the overlay is put in place and entitlements are obtained for a car dealership, the value may be $75 to $100 per sf. If a special permit is obtained to put pure retail on the site, it might be worth between $100 and $125 per sf.
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