New Owner Brings Magic Touch to Oakland Mixed-Use REO
A mixed-use development in Oakland, Calif., previously taken into real estate-owned status as the result of the developer’s bankruptcy, has a new owner and a new name.
The Thomas Berkley Square development includes 88 residential units and ground floor retail in Oakland’s Uptown district. The new owner, Canyon-Johnson Urban Funds, will rename it Uptown Place.
CJUF is a private real estate fund owned by Canyon Capital Realty Advisors and an entity of Magic Johnson Enterprises, the collection of business ventures controlled by basketball Hall of Famer Earvin Johnson.
CJUF intends to market and sell the residential units as condominiums and lease and sell the property’s ground floor retail space. Adjacent to the residential and retail space is an 110,000-square-foot office building owned by the Strategic Urban Development Alliance. Other residential developments are also nearby and the community is serviced by public transportation.