Bay Area Retail Development Lands $84M Financing
- Feb 07, 2018
HFF has closed on $83.5 million in financing for City Center Realty Partners’ and Angelo, Gordon & Co.’s Emeryville Public Market in Emeryville, Calif.
The 141,420-square-foot retail property is being expanded to include an additional 26,350 square feet of leasable space and 300 parking stalls in a new garage. ACORE Capital provided the financing, which will be used to refinance an existing loan and fund the construction work. The retail asset is part of a larger mixed-use development totaling approximately 1 million square feet.
The property is located at 5959 Shellmound St., within half a mile of Interstate 80, easily accessible from San Francisco, Oakland and Berkeley. Situated just north of Powell Street Plaza Shopping Center, the market is served by the Emeryville Amtrak station, a two-minute walk to the east.
Emeryville Public Market was developed in 1920 and transformed into the area’s first mixed-use property in the 1980s. The asset, anchored by Guitar Center and Urban Outfitters, is home to a large gourmet food hall, including Indian and Peruvian restaurants.
HFF Senior Managing Director Peter Smyslowski led the debt placement team.
Image via Google Street View