Press Release: Realty Notes from All Over: Developer Bails, Berkeley Blamed, Ross-for-Less Building Sold for $8.425 Million

From Adriana Aceves, Marketing, Retail West Inc.
Tuesday January 10, 2012 - 11:32:00 PM

"After over three years of vacancy the former Ross Dress for Less building located at 2190 Shattuck Ave. on the corner of Shattuck & Allston has been sold to a new ownership group, Somera Sansome Partners based out of San Francisco. Retail West Inc.’s Matt Holmes and Dean Copans represented both the buyer and seller in this transaction that sold for $8,425,000. According to Holmes, "The building went vacant at the outset of the recent recession and there had been considerable interest from an out of state developer to try and assemble the entire block in an effort to create a quasi San Francisco Center styled type of urban retail project with both hotel and large promotional retailers. The market decline killed that ambitious project and than [sic] two subsequent deals died at the hands of the city of Berkeley with their zoning and planning oversight." Holmes added that this has been a classic case of utopian urban planning versus the realities of a tough market and limited retail playing field.' A single tenant retailer is in negotiations to occupy the street level and the developers are intending to create a second story large format class A office space on the upper floor."