Emeryville Public Market Trades Hands, Set for Massive Expansion
By Alex Girda, Associate Editor
The Emeryville Public Market is the latest major San Francisco Bay Area property to trade hands, after former owners TMG Partners and Rockwood Capital announced the sale of the mixed-use asset. The buyer is a partnership between Angelo Gordon and City Center Realty Partners. Financial terms for the acquisition deal were not disclosed, but the investors reportedly paid around $60 to $70 million for the development, according to industry specialists. Holiday Fenoglio Fowler represented the seller in the deal.
The Emeryville Public Market is a 270,000-square-foot mixed-use property that was developed by TMG Partners during the late 1980s. The owner recapitalized on the 5959 Shellmound St. property in 2003 when it began its collaboration on the project with current partner Rockwood Capital. The office and retail development underwent renovations and improvements of about $4 million that would increase the Market’s walkability factor and create an integrated community in which working, dining and shopping could be done in a concentrated spot.
Leasing at the facility also kicked into a higher gear with retailers such as Urban Outfitters, Guitar Center and Hot Italian rounding out the existing tenant roster during the past year. The San Francisco Exploratorium contributed with exhibits of arts and sciences to the development’s plate.
The aforementioned initiatives led to the awarding of a number of distinctions to the Emeryville Public Market. These include a 2010 California Catalyst Communities Pilot Gold Level Designation, as well as the US Green Building Council’s LEED Neighborhood Design Platinum Designation.
Additionally, the development has entitlements in place for approximately 830,000 square feet of office, retail and multifamily space. The new owner is set to act in that direction and consolidate the mixed-use community into an urban village in the growing submarket of Emeryville.
Image courtesy of Emeryville Public Market’s Facebook page at facebook.com/PublicMarketEmeryvilleTags: Development, economy, mixed-use, property management, retail