January 7, 2021
An affiliate of Chicago-based Walton Street Capital, L.L.C. and San Francisco-based SteelWave LLC acquired 1450 Sherwin Ave., a three-story, 72,000-square-foot building in Emeryville, from LMC, a Lennar Company. The property provides the investors with a redevelopment opportunity to transform a large-block vacancy into an adaptive re-use, Class A creative life science facility.
Constructed in 1919 and followed by a major addition in the 1930’s, the property traces its historical past to The Sherwin-Williams Company. The renovation and repositioning conversion work is anticipated to commence July 2021 with an anticipated completion in March 2022.
Newmark’s Steven Golubchik, Seth McKinnon, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps represented the seller.
Golubchik says, “1450 Sherwin represents a rare opportunity for an investor to acquire a fully-entitled, large block vacancy with the ideal foundation for life science repositioning in one of the region’s hottest life science markets.”
For comments, questions or concerns, please contact Dennis Kaiser