EMERYVILLE, CA—Originally developed in 1920, Emeryville Public Market underwent renovations and expansions in 1988 and 2017. Today, the public market is part of a 1 million-square-foot mixed-use development. Emeryville Public Market will ultimately consist of 167,770 square feet of retail that is anchored by Guitar Center, Urban Outfitters and a gourmet food hall, in addition to various national and regional tenants.
HFF worked on behalf of the borrower, a partnership between City Center Realty Partners LLC and Angelo, Gordon & Co., to secure a $83.532 million five-year floating-rate loan through ACORE Capital for the existing 141,420-square-foot retail center. Loan proceeds will be used to retire an existing Bank of America loan, complete the construction of 26,350 square feet of additional retail along with a 300-stall parking structure and expand an existing on-site public park.
“City Center Realty Partners and Angelo Gordon & Co. have created a contemporary, meticulously curated retail center while maintaining a quaint 'village center' feel,” says HFF senior managing director Peter Smyslowski. “It is destined to be the pre-eminent gathering, dining and retail destination in the East Bay.”
Situated on 14 acres at 5959 Shellmound St., Emeryville Public Market is adjacent to the MacArthur Interchange, which acts as the primary hub in the Bay Area. This East Bay retail hub has a population of more than 815,000 and average annual household income of more than $100,000, making it one of the most affluent trade areas in the country.
“In today's fiercely competitive retail market, consumers are looking for more than just an 'off the shelf' shopping experience,” Smyslowski tells GlobeSt.com. “They want unique merchandise offerings coupled with contemporary dining options, all of which are found at the Public Market.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
