Holliday Fenoglio Fowler arranged the three-year, adjustable-rate construction financing on behalf of Bay Street Partners LLC through CIBC, Bank One and Commercial Bank.
The Bay Street retail project includes two "districts": a multi-level entertainment block and a retail boulevard. Tenants at the center will include AMC Cinemas, The Gap, Old Navy and Pottery Barn.
HFF's Senior Director Mark D. Sixour calls the site a prime location for a retail development. "The town of Emeryville is experiencing a significant amount of new development, notably the new corporate headquarters for Sybase, Chiron, and Pixar Entertainment which are all located in the immediate vicinity," says Sixour. "Additionally, the East Bay resident population is nearly 2 million, with 741,000 households. Of these households, approximately 409,000, or 55% have an average income in excess of $50,000."
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