Bisnow just learned that 2131-2147 Broadway will sell to HP Investors for $5.6M, or $224/SF, in a deal that's expected to close today. The 25k SF office and retail building in the hot Uptown District is HP’s second acquisition in the past month in Oakland, upping its West Coast property count to 30. (The first was a vacant retail property in Jack London District.) The two-story building sits within two blocks of the 19th Street BART station. In the near term, the firm will look to improve the building’s profile through heavy exterior and interior renovations.
NAI NorCal president James Kilpatrick, whose firm repped seller George Rosen and Laurie Cooperman Rosen, told us back in December the office building was at first criticized for being listed too high. (Here's a shot of James at his company's Christmas party.) The building ended up with five offers, a best and final, and backup interest around the list price of $5.7M, or $228/SF, he says. But we learned that buyer since fell out of escrow and HP swooped in during Q2.
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