The Levin Johnston team of Marcus & Millichap closed the sale of a 12,419 square-foot retail building located at 2310 Telegraph Ave. in Berkeley for $12.7 million. The property, currently anchored by Walgreens, was acquired by restaurant chain Raising Cane’s and will be the future location of a new flagship restaurant.

The transaction highlights new growth opportunities in the Bay Area as the market recalibrates, said Robert Johnston, senior managing director of Levin Johnston. “Real estate dynamics are shifting favorably in the Bay Area, presenting robust opportunities for buyers in a range of product sectors,” he said.

Added Adam Levin, executive managing director of Levin Johnston, “The multifamily market in Berkeley, one of the East Bay’s largest, boasts over 19,000 units, with renters accounting for 60% of households. Also, UC Berkeley significantly influences the rental market, with over 42,000 students enrolled and only about 7,000 on campus, fueling substantial demand for off-campus housing. Additionally, the city’s unique urban college town atmosphere has been a key strength of this submarket. These factors, along with Berkeley’s solid employment fundamentals, help drive retail demand in the region.”

Don’t miss Connect Orange County, coming up on Thursday, March 20^th at the Hyatt Regency Irvine. Register to join OC’s leading CRE names and major industry players for an afternoon of insightful discussion panels, presentations, and top-notch networking. Be there to get the expert take on what’s coming to OC for the balance of 2025, across asset classes. www.ConnectOC2025.com