Exclusive: Oakland's 1740 Telegraph Acquired For $7M In Off-Market Sale
HP Investors has just purchased a block-through property stretching from 1740 Telegraph to 1741 Broadway in Oakland, Bisnow has learned.
360 Ventures V LLC, an entity managed by the principals of Citrine Advisors, sold the property in the $7M off-market transaction. Citrine brokered the deal.
The two-story plus penthouse, mixed-use office/retail property was built in 1930 and covers approximately 16k SF. Tenants include Evolution Bureau, a creative advertising agency that relocated from S.F. in 2014, as well as a roster of local food-and-beverage operators, including Itani Ramen, The Punchdown and Hotel Bar.
The firm was drawn to the property’s “irreplaceable location in the heart of the Uptown District,” said HP Investors partner Isaac Abid (pictured above with his wife, Puja, on a recent trip to Mexico). "The investment provided an opportunity to acquire a property in a district growing more vibrant by the day."
The building was recently repositioned by Citrine Advisors, an Oakland-based firm led by Jerry Smith and Richard Weinstein. The lead developers on the project were Jerry Smith and Ben Weinstein. Citrine Advisors discovered the property in 2014 in a state of disrepair. Despite outward appearances, the developers recognized the building is situated on top of a BART station and has great frontage on both Broadway and Telegraph.
After the acquisition, Citrine set out to completely change the character of the building. Significant work included a façade improvement, an electrical upgrade and the installation of an elevator. The most important component was the complete re-tenanting of the building.
"This is what we do," Jerry said (pictured above). "We find investments like 1740 and work to upgrade the DNA of the property. That's how we add value."
HP Investors, a West Coast-based firm with offices in Oakland and San Diego, has been an active buyer of downtown Oakland properties. The firm has acquired five properties in the past 12 months, including the I-Magnin building at 2001 Broadway for $19.5M in a JV with Goldman Sachs.
Citrine Advisors is a full-service commercial real estate firm with a strong focus on the rehabilitation of vintage properties situated in urban core areas. The principals of Citrine Advisors have invested in and/or developed nearly 30 properties within a 2.5 mile radius of Oakland's City Center.