Berkeley Crossing

In 2010, Strada partnered with a global real estate private equity firm to acquire a troubled loan collateralized by a 120,000 square foot office building in Berkeley along the Fourth Street corridor. Strada sourced the transaction on an off-market basis and the acquisition price represented a significant discount to par. Strada negotiated a deed-in-lieu of foreclosure with the borrower and took clean title at the time of acquisition.

Berkeley Crossing was nearly 60% vacant at the time of acquisition, presenting an opportunity for Strada to upgrade the building and lease it up in a rising rental market. Strada fully leased the building, attracting the University of California at Berkeley as an anchor tenant for the majority of the space and granting it an option to acquire the property. UC elected to exercise the option in 2013.