SAN FRANCISCO-A few weeks ago, GlobeSt.com reported that TMG Partners and Rockwood Capital have sold the Public Market here to Angelo Gordon and City Center Realty Partners for an undisclosed amount. Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has now learned that HFF provided $42.5-million in financing in the deal.
The 270,000-square-foot mixed-use property is located at 5959 Shellmound St. The new owners plan to continue to reposition the project and expand its retail and restaurant offerings, along with adding 800,000 square feet of new mixed-use product.
Representing the buyers, HFF secured non-recourse, floating-rate acquisition financing through Bank of America, with a six-year term at a very competitive risk-based spread over the 30 Day LIBOR rate. The loan also included a one-year extension option and a future funding component for property renovations, leasing commissions and tenant improvements.
Located in the East Bay submarket of Emeryville, Public Market consists of 153,000 square feet of retail space including a 10-screen Regal theater, and a 119,000 -square-foot, eight-story class A office tower. Key retail tenants include Urban Outfitters, Guitar Center, Peet's Coffee & Tea, Regal Cinemas and In-Shape Health Club. Office tenants include Random House, Inc., Silicon Valley College and Rocket Software, Inc. The property is situated on 14 acres adjacent to Interstate 80 at the foot of the San Francisco Bay Bridge.
The HFF team representing the borrower was led by managing director Peter Smyslowski and director Kevin Redford. “Public Market is one of the most well-known retail, mixed-use assets in the East Bay,” Redford says. “It enjoys an incredibly strong brand name while providing our client with tremendous upside.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
