Grubb & Ellis Represents Strada Investment Group in Acquisition of Berkeley Crossing for $15 Million

  

WALNUT CREEK, CA (Jan. 18, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Steve Golubchik (top right photo) and Nicholas Bicardo (top left photo), both vice presidents of the company’s Investment Services group, represented Strada Investment Group in its acquisition of Berkeley Crossing, a Class A office building in Berkeley. 

 Strada Investment purchased the note, originally valued at $28 million, and worked with both the lender, New York Life Investment Management LLC, and the previous owner to take ownership of the property in a deed-in-lieu-of-foreclosure transaction.

 Located at 1608 4th St., Berkeley Crossing offers 131,694 square feet of space and was approximately 30 percent leased at the time of the acquisition.  Renovated in 2000, the property is designed for technology use with open floor plans for flexible layouts.

 Additionally, Berkeley Crossing is equipped with a roof deck that provides views of the surrounding Bay Area and East Bay Hills.  The property is located within close proximity to Interstates 80 and 580 as well as State Route 123. 

 “This is a high quality property in a strong location that offers a tech type feel for tenants in the region looking for larger contiguous blocks of space that are rarely available in Berkeley,” said Golubchik.

 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com