Angelo Gordon and City Center Realty Partners Purchase Emeryville Public Market

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November 15, 2012
Angelo Gordon and City Center Realty Partners Purchase Emeryville Public Market

Angelo Gordon and City Center Realty Partners have acquired Emeryville Public Market, a 270k sf, mixed-use property in the East Bay city of Emeryville. The asset was sold by TMG Partners and Rockwood Capital.

Although the price was not disclosed, Bay Area news sources have reported a range of estimated deal values. The San Jose Mercury News reported that the property sold for around $54 mil, or about $200/sf. However, the San Francisco Business Times puts the price tag at between $60 to $70 mil.

Located at 5959 Shellmound St, north of Powell St and east of I-80, the property was initially developed by TMG Partners in the late 1980's and recapitalized in 2003 with its current partner, Rockwood Capital. In 2011, TMG and Rockwood undertook significant renovations and leasing at the property to create a thriving walkable mixed-use property that integrates working, shopping, dining and community life.

Improvements include a number of new retailers (Urban Outfitters, Guitar Center and Hot Italian), cultural offerings such as art and music, and science education displays by the San Francisco Exploratorium—their first exhibits outside the museum anywhere in California. Also added were innovative "green" living demonstration projects, electric vehicle charging stations, bus stops, outdoor seating and plazas to create a dynamic destination. The improvements and targeted leasing resulted in the awarding of the property as a 2010 California Catalyst Communities Pilot Gold Level Designation and US Green Building Council LEED ND Platinum Designation.

Angelo Gordon and City Center Realty Partners plan to continue to reposition the project and expand retail and food offerings. The new owners also intend to undertake development of an additional 800k sf of new mixed-use product that will strengthen Public Market as a vibrant community gathering place for Emeryville. TMG Partners will continue to provide strategic input for the new ownership.

An HFF investment sales team led by managing director Nicholas Bicardo, along with managing director Steven Golubchik and director David Karol, represented the seller in the transaction.

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