BERKELEY — The site of a long-time Andronico’s Community Markets store has been bought by a real estate firm that also purchased a South Bay retail complex earlier this year, according to property documents.
The Andronico’s grocery store involved in the recent transaction is located at 1850 Solano Ave. in northern Berkeley, according to documents filed on May 27 with the Alameda County Recorder’s Office.
Prado Group, a real estate and investment firm, paid $15.6 million for the supermarket property and an adjacent surface parking lot, the county records show.
At the time of the purchase, a Prado Group affiliate obtained $8.8 million in financing from First Republic Bank, according to the property documents.
The just-bought Berkeley site fronts on Solano Avenue, Fresno Avenue and Colusa Avenue. A gasoline station adjacent to the grocery property wasn’t involved in the transaction.
The sellers in the deal included at least one member of the Andronico family, according to the property records.
The buyer of the Berkeley site of Andronico’s Community Markets on Solano Avenue owns a number of properties in the Bay Area.
Prado Group owns a string of retail buildings in San Francisco’s Marina district, a mixed-use residential and retail building in San Francisco anchored by Whole Foods and a retail center in Oakland anchored by Trader Joe’s, according to the real estate firm’s website.
In February, Prado Group paid $33 million for El Gato Village, a Los Gatos neighborhood center whose primary anchor is gourmet supermarket Nob Hill Foods.
With the Prado Group’s purchase of the Andronico’s site in Berkeley, the real estate firm now owns a property whose tenant is a venerable name in the Bay Area grocery business.
Greek immigrant Frank Andronico founded the first Andronico’s store in 1929 on Solano Avenue in Berkeley.
At present, Andronico’s Community Markets operates seven locations, of which six are in the Bay Area: two in Berkeley, two in San Francisco, one in Los Altos, one in San Anselmo and one in Monterey, according to the retailer’s website.