TMG Partners Sells Emeryville Public Market

Emeryville, Calif. (Nov. 14, 2012) – TMG Partners, one of the Bay Area’s largest mixed-use property developers, and Rockwood Capital today announced the sale of the Public Market Emeryville to Angelo Gordon and City Center Realty Partners. HFF represented the seller in the transaction.

Located at 5959 Shellmound St. in Emeryville, Calif., the 270,000-square-foot mixed-use property was initially developed by TMG Partners in the late 1980’s and recapitalized in 2003 with its current partner, Rockwood Capital. In 2011, TMG and Rockwood undertook significant renovations and leasing at the property to create a thriving walkable mixed-use property that integrates working, shopping, dining and community life. Improvements include new retailers (Urban Outfitters, Guitar Center and Hot Italian) and cultural offerings such as art and music and science education displays by the San Francisco Exploratorium—their first exhibits outside the museum anywhere in California. Also added were innovative “green” living demonstration projects, electric vehicle charging stations, bus stops, outdoor seating and plazas to create a dynamic destination. TMG Partners’ and Rockwood Capital’s efforts resulted in the awarding of the property as a 2010 California Catalyst Communities Pilot Gold Level Designation and US Green Building Council LEED ND Platinum Designation. www.publicmarketemeryville.com

“Our renovation of the Public Market has created a strong platform for continued innovative development of the property with an infusion of new capital and enthusiasm for a dynamic Emeryville,” said Michael Covarrubias, chairman and CEO of TMG Partners.

Angelo Gordon and City Center Realty Partners plan to continue to reposition the project and expand retail and food offerings and undertake additional development of another 800,000 square feet of new mixed use product that will strengthen Public Market as a vibrant community gathering place for Emeryville. TMG Partners will continue to provide strategic input for the new ownership to assist owners in building on their successful rebranding and redevelopment work.

“Emeryville is a thriving city, and Public Market is a great place to expand a unique mixed use community into a model sustainable infill project,” said Mark Stefan, City Center Realty Partners.

The HFF investment sales team represented the sellers led by managing director Nicholas Bicardo, along with managing director Steven Golubchik and director David Karol.

About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 18 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. In this transaction, TMG was operating as a Manager for the property owners, who were members of Marketplace Mortgage, LLC. For detailed information, visit www.tmgpartners.com.

About Rockwood Capital LLC
Rockwood Capital is a real estate investment firm with offices in White Plains, NY;San Francisco, CA; and Los Angeles, CA. Rockwood provides debt and equity capital for core, core-plus, value-add and special situation real estate investment opportunities. Rockwood Capital manages more than $6.6 billion of real estate on behalf of over 90 public and private pension plans; endowments; foundations; insurance companies, and high net-worth families and individuals. For more information, visit www.rockwoodcap.com

About City Center Realty Partners
City Center Realty Partners, LLC specializes in the development, redevelopment and acquisition of urban real estate, including more than $800 million of retail, office and mixed used product over the last twelve years. The Company develops innovative solutions for this unique investment niche based on its market knowledge, development expertise, and tenant relations. A flexible, responsive and action oriented approach allows City Center Realty Partners, LLC to maximize value in each of its projects. For more information visit www.ccrpllc.com

About Angelo Gordon
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $25 billion.

About HFF
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com. Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Photography by Jeff Peters

West Coast Commercial Real Estate News