A developer has purchased a corner lot along the bustling Tennyson Street commercial corridor in Berkeley.
Denver-based Alpine Investments, led by Churchill Bunn, paid $3 million last week for 3870 Tennyson St., according to county records.
The 0.32-acre parcel has a one-story, 6,250-square-foot building on it, which is occupied by Re/Max and G.J. Gardner Homes. The building dates to 1967.
“We purchased the property for eventual redevelopment but are still formulating our plans,” Bunn said. “We have leases in place at the property for the foreseeable future.”
The site is zoned for up to five stories. The deal works out to $217.72 a square foot for the land.
Alpine Investments broke ground last May on a 44-unit condo building in LoHi. In December, the company sold the building at 2949 Federal Blvd. to a buyer planning a “wellness marketplace” dubbed Nurture. Alpine also plans to build a 10-story office project at 955 Bannock St. in the Golden Triangle.
The Tennyson Street property was sold by 3870 Tennyson St LLC, which purchased it in October 2013 for $1.4 million, according to records. The LLC was formed by David Pagona, who owns the local G.J. Gardner Homes franchise. Daniel Jimenez with Re/Max, who works in the building, represented the seller.
The apartment complex next door sold at the end of January for $19.35 million.