Berkeley property lands $9.75M acquisition financing for life science conversion

SAN FRANCISCO, Nov. 11, 2021 – JLL Capital Markets announced today that it has arranged $9.75 million in financing for the purchase of 1440 4^th St., a 22,043-square-foot research and development property in Berkeley, California.

JLL worked on behalf of the borrower, Long Market Property Partners, to secure the three-year loan through Ready Capital. Loan proceeds are being used to acquire and reposition the property to expand upon the existing life science uses.

Justin Shapiro of Long Market Property Partners, whose firm has previous experience in the Berkeley market said, “Our team is excited to work on our second research and development project in West Berkeley. With minor refinements to the existing improvements, the building will support the needs of science users in a market with limited inventory of comparable space.”

Originally built as an industrial warehouse in 1948, 1440 4^th St. is a single-story building with 18’ clear heights, polished concrete floors and high wood barrel truss ceilings. The property sits on a 0.7-acre site offering 32 off street parking spaces.

Originally built as an industrial warehouse in 1948, 1440 4^th St. is a single-story building with 18’ clear heights, polished concrete floors and high wood barrel truss ceilings. The property sits on a 0.7-acre site offering 32 off street parking spaces.

1440 4th St.’s location in West Berkeley provides the property with numerous demand drivers inherent to the life sciences industry, including great access to nearby colleges and universities such as UC Berkeley, a highly educated workforce, nearby life sciences employers, access to venture capital and an extensive transportation infrastructure. The property is convenient to numerous major thoroughfares, including US-80 and rail service at both the North Berkeley BART station and the Berkeley Amtrack Station. In addition, 1440 4th Street is close to the Fourth Street Retail Corridor, which offers a wide variety of retail and dining options within walking distance.

The JLL Capital Markets debt team that represented the borrower was led by Managing Director Jordan Angel.

“This pocket of Berkley provides an extraordinary opportunity for life sciences tenants to build and grow their business in one of the top life sciences markets in the country,” Angel added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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