By Meghan Hall
Bay Street Emeryville, an East Bay retail center, has a new owner. CenterCal Properties purchased the asset on May 26th, paying $90.5 million for the property. With the asset now in hand, CenterCal is planning a major, multi-phased overhaul of the property which is to begin in the coming months.
The seller of the property was 5616 Bay Street Investors, according to The Mercury News, who was the first to report the transaction. The entity is affiliated with global financial firm UBS Realty Investors. UBS originally acquired the asset, along with adjacent residential and hotel properties, in 2014 for $289 million.
”Bay Street fits in perfectly with CenterCal’s platform of retail-driven mixed-use projects,” said Craig Ramey, President Pacific Northwest and Bay Area, CenterCal Properties in a statement. “We are excited to share our vision of the project with existing and new tenants, government officials, and the community, all of whom have been very cooperative and will share an integral role in the successful development of the new Bay Street.”
The property is organized in three city blocks and is connected by a main street. According to its website, the character of the retail center draws from the “rich history” of the bayside site as a place where people have lived, worked and played. The property is designed as an “eclectic” urban village in an industrial landscape.
Current tenants at the property include major entertainers and retailers such as AMC, Barnes & Noble, H&M, West Elm and Apple. The property is located just off of Interstate 580, near Mclaughlin Eastshore State Park and is not far from downtown Berkeley or Oakland.
CenterCal’s redevelopment of the property is expected to begin this summer and be carried out over a number of phases. Currently, a pedestrian bridge is in the works that connects Bay Street with nearby life sciences development. A wall-to-wall upgrade of the center and merchandising plan is also in place, according to CenterCal. Final build out is expected by 2023.