EMERYVILLE — The Public Market Emeryville, a prominent retail and office center in the East Bay, has been bought for about $54 million by a group of realty investors, an indication the Bay Area’s retail sector is doing well.

The 270,000-square-foot complex, located on Shellmound Street near the Interstate 80 and Powell Street interchange in Emeryville, was bought by San Francisco-based City Center Realty Partners and New York City-based Angelo Gordon.

Over time, the new owners intend to add another 800,000 square feet that will include retail and offices. At present, Public Market Emeryville consists of stores, restaurants and offices.

Terms of the sale weren’t officially disclosed. However, people with knowledge of the transaction and the market estimated that Public Market Emeryville was bought for a price somewhere in the range of $52 million to $60 million.

The purchase of the center came after an extensive renovation engineered by TMG Partners and Rockwood Capital, the group that sold the retail and office complex.

“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, TMG’s chief executive officer.

One of the biggest challenges the center faced was the abrupt exit of one of its prime retailer, Borders Books. The bookstore imploded during the

recession and vacated numerous store sites, including Emeryville.

To fill the space, TMG found robust replacements in Urban Outfitters and Guitar Center.

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

The purchase points to a strong retail market in the Bay Area, which enjoys a stronger job market than the nation overall.

“There absolutely is confidence in core retail markets,” said Solomon Ets-Hokin, a senior vice president with Colliers International, a commercial realty brokerage. “Prices are good and there is unprecedented demand for good retail property. And Emeryville is such a great retail node.”

Brokers believe that plenty of cash is sitting on the sidelines, waiting to buy top-notch retail projects.

“Emeryville is clearly one of those markets that will have the growth potential that investors want, that will provide a respectable return in this economy,” said John Sechser, a senior vice president and primary retail agent for the Walnut Creek office of Transwestern, a realty firm.

In the East Bay, investors have a tentative deal to buy the Safeway-anchored Pleasanton Gateway retail center in Pleasanton, near the Alameda County Fairgrounds on Bernal Road. And downtown Pleasant Hill is going up for sale, with buyers starting to line up to grab that choice property.

“Pension funds, private opportunity investors, real estate investment advisors, all want infill retail that’s in a market protected from a lot of competition,” said Kevin Van Voorhis, a Colliers senior vice president.

Contact George Avalos at 925-977-8477. Follow him at twitter.com/george_avalos.

Article source: http://www.mercurynews.com/real-estate/ci_21996696/emeryvilles-public-market-is-bought-by-real-estate

GLENDALE, CA, Apr 27, 2012 (MARKETWIRE via COMTEX) –
American Realty Advisors, a leading provider of real estate
investment management services for institutional investors, announced
today the acquisition of two 100% leased quality industrial buildings
located in the Los Angeles MSA. The transactions were executed on
behalf of one of American’s separate account clients to acquire the
properties through a joint venture formed with CT Realty Investors.

Victoria Industrial is a 101,724 SF single-tenant industrial building
located on 4.18 acres of land in the heart of the South Bay
submarket, a prime submarket in the Southern California industrial
market due to its close proximity to the ports of Los Angeles and
Long Beach. The property is conveniently located near the 91, 710,
405 and 110 freeways, and further benefits from its highly-functional
design, including 20 dock-high loading positions, 22-24 foot clear
heights and 7,124 SF of office space.

14300 Bonelli Street is a 133,237 SF, single-tenant industrial
building located on 6.58 acres of land, ideally-situated near the 60
and 605 freeways in the San Gabriel Valley, one of the top-performing
industrial markets in Southern California. The property features a
100-205 foot truck court, 22 foot clear heights, rail access and
6,760 SF of office space.

American’s Chairman and CEO, Stanley L. Iezman, stated, “Backed by
strengthening industrial production in the U.S., in-fill submarkets
within Southern California appear to be positioned for strong
near-term and long-term growth. We believe the acquisition of this
two-property industrial portfolio in one of the nation’s
top-performing industrial MSAs will likely generate superior returns
for our client and is consistent with the firm’s commitment to
enhancing our client’s portfolios with strategically-located
high-quality assets.”

American Realty Advisors
American is an investment advisor
registered with the U.S. Securities and Exchange Commission (SEC)
under the Investment Advisers Act of 1940, as amended, and a leading
provider of real estate investment management services to
institutional investors. With over $4.5 billion* in assets under
management, American has provided real estate investment management
services to institutional investors for over 23 years utilizing core
and value-added commingled funds and separate accounts. The firm’s
portfolios include office, industrial, multi-family, and retail
properties nationwide. Information regarding American can be found
online at
www.americanreal.com .

CT Realty Investors
Since its establishment in 1994, Aliso Viejo,
Calif.-based CT Realty Investors (“CTRI”) has completed more than 220
transactions with value in excess of $2.5 billion through a series of
11 independent discretionary private equity real estate funds and
institutional joint ventures. CTRI continues to invest in
institutional-quality industrial properties, debt instruments and
multi-family properties. CTRI seeks to invest on behalf of its
affiliates in Arizona, Colorado, New Mexico, Nevada, Oregon, Utah,
Washington and California. The focus of CTRI’s investment activities
is to acquire well-located assets in major markets with the potential
to enhance their value through a solid, hands-on management approach.
For further information, contact Carter Ewing at CT Realty Investors
at (949) 330-5777 or visit
www.ctrinvestors.com .

*Assets under management represent approximate gross market value of
all assets and accounts managed by American as of December 31, 2011
which includes cash and cash equivalents and excludes partners’ share
of equity and partners’ share of debt on partnership investments.

        Contact:
        Jay Butterfield
        818.409.3243
        Email Contact

SOURCE: American Realty Advisors

http://www2.marketwire.com/mw/emailprcntct?id=B0A9981906682353

Copyright 2012 Marketwire, Inc., All rights reserved.

Article source: http://www.marketwatch.com/story/american-realty-advisors-announces-acquisition-of-two-industrial-properties-in-southern-california-2012-04-27