### Berkeley Walgreens Site Sold for $12.7M, Will Become Raising Cane’s Flagship
The Levin Johnston team of Marcus & Millichap has successfully closed the $12.7 million sale of a 12,419-square-foot retail building at 2310 Telegraph Avenue in Berkeley. Currently anchored by Walgreens, the property has been acquired by restaurant chain Raising Cane’s and will serve as the site of a new flagship location.
Robert Johnston, Senior Managing Director of Levin Johnston, noted that the transaction underscores emerging growth opportunities in the Bay Area as the market adjusts. “Real estate dynamics are shifting favorably in the Bay Area, presenting robust opportunities for buyers in a range of product sectors,” he said.
Adam Levin, Executive Managing Director of Levin Johnston, highlighted the strength of Berkeley’s multifamily market. “Berkeley, one of the East Bay’s largest rental markets, has over 19,000 units, with renters making up 60% of households. UC Berkeley plays a significant role in this dynamic, with more than 42,000 students enrolled and only about 7,000 living on campus, creating substantial demand for off-campus housing,” Levin explained. He also emphasized that Berkeley’s urban college-town atmosphere and strong employment fundamentals continue to drive retail demand in the region.
This sale represents a continued evolution of Berkeley’s commercial landscape, positioning Raising Cane’s for expansion in a prime location.
