Long-time Andronico’s site in Berkeley is bought by real estate firm
BERKELEY — The internet site of a extensive-time Andronico’s Community Marketplaces retail outlet has been bought by a real estate company that also bought a South Bay retail sophisticated earlier this calendar year, in accordance to house paperwork.
The Andronico’s grocery retail outlet concerned in the modern transaction is situated at 1850 Solano Ave. in northern Berkeley, according to files filed on May possibly 27 with the Alameda County Recorder’s Office. The shop is envisioned to remain open up.
Prado Group, a real estate and investment decision organization, paid out $15.6 million for the grocery store property and an adjacent area parking ton, the county documents clearly show.
At the time of the acquire, a Prado Team affiliate attained $8.8 million in financing from Initial Republic Financial institution, according to the home files.
The just-bought Berkeley web-site fronts on Solano Avenue, Fresno Avenue and Colusa Avenue. A gasoline station adjacent to the grocery residence was not included in the transaction.
The sellers in the offer bundled at the very least a person member of the Andronico loved ones, according to the residence information.
Customer Prado Group also owns a string of retail buildings in San Francisco’s Marina district, a combined-use household and retail setting up in San Francisco anchored by Complete Meals, and a retail centre in Oakland anchored by Trader Joe’s, in accordance to the real estate firm’s internet site.
In February, Prado Group compensated $33 million for El Gato Village, a Los Gatos community center whose main anchor is gourmand supermarket Nob Hill Meals.
With the Prado Group’s obtain of the Andronico’s website in Berkeley, the real estate organization now owns a assets whose tenant is a venerable identify in the Bay Area grocery business.
Greek immigrant Frank Andronico started the initially Andronico’s store in 1929 on Solano Avenue in Berkeley.
At current, Andronico’s Neighborhood Markets operates seven destinations, of which six are in the Bay Area: two in Berkeley, two in San Francisco, one in Los Altos, one particular in San Anselmo and 1 in Monterey, according to the retailer’s website.
