TMG Partners Sells Emeryville Public Market

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TMG Partners has won awards for many projects
including honors for “Best Mixed Use,”
“Best Office,” and “Best Historic Rehabilitation”.

November 14, 2012
The Registry
TMG Partners Sells Emeryville Public Market

TMG Partners, one of the Bay Area's largest mixed-use property developers, and Rockwood Capital today announced the sale of the Public Market Emeryville to Angelo Gordon and City Center Realty Partners. HFF represented the seller in the transaction.

Located at 5959 Shellmound St. in Emeryville, Calif., the 270,000-square-foot mixed-use 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 new retailers (Urban Outfitters, Guitar Center and Hot Italian) and 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. TMG Partners' and Rockwood Capital's efforts 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.

"Our renovation of the Public Market has created a strong platform for continued innovative development of the property with an infusion of new capital and enthusiasm for a dynamic Emeryville," said Michael Covarrubias, chairman and CEO of TMG Partners.

Angelo Gordon and City Center Realty Partners plan to continue to reposition the project and expand retail and food offerings and undertake additional development of another 800,000 square feet 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 to assist owners in building on their successful rebranding and redevelopment work.

"Emeryville is a thriving city, and Public Market is a great place to expand a unique mixed use community into a model sustainable infill project," said Mark Stefan, City Center Realty Partners.

The HFF investment sales team represented the sellers led by managing director Nicholas Bicardo, along with managing director Steven Golubchik and director David Karol.

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