Emeryville Office Tower Sold For $33M
EverWest Real Estate Partners and Black Salmon purchased an office tower in Emeryville. City Center Realty Partners and partner Angelo Gordon sold the property for $33M, according to the San Francisco Business Times. The Offices at Public Market is EverWest’s first purchase in the East Bay.
The eight-story, 109K SF Class-A office building at 6001 Shellmond St. is part of a mixed-use development that includes retail, residential and a hotel. A large redevelopment of the retail space is underway and expected to be completed in 24 months. AvalonBay also is building a large apartment community with family housing nearby.
“The mix of location, Class-A office space and on-site retail amenities make The Offices at Public Market one of Emeryville’s most well-positioned office buildings,” EverWest Managing Director Ryan Madson said.
The building is 97% leased to a mix of tenants in technology, real estate, engineering, architecture, healthcare and media. The retail portion is home to a 23K SF food hall, 30K SF specialty grocery store and in-line tenants include Orangetheory Fitness, Peet’s, Hot Italian, Urban Outfitters and Guitar Center.
The Offices at Public Market has direct visibility and access to Interstate 80. It is minutes from Interstate 580, Highway 24, the Amtrak station and two BART stations. It is also approximately eight miles east of downtown San Francisco and five miles north of downtown Oakland.
Newmark Knight Frank Vice Chairmen and co-heads of Commercial Capital Markets Steven Golubchik and Grant Lammersen and Director Tim Walling represented the sellers. CBRE Group Senior Vice Presidents Mike Keely and Grant Jones will continue leasing efforts at the building.
EverWest is actively evaluating additional Northern California office acquisition opportunities, which would add to a West Coast portfolio that already includes the 405 Victory industrial project in South San Francisco, an under-construction industrial project on Depot Road in Hayward and multiple office and industrial investment assets across Southern California and the Pacific Northwest.