 |
| Nicholas Bicardo |
SAN FRANCISCO, CA - HFF announced today the sale of Pacific
Commons Shopping Center, an 865,783-square-foot regional power center in
Fremont, California.
Noted
as one of the largest power centers in Northern California, HFF marketed the
property on behalf of the seller, an affiliate of Catellus Development
Corporation, a TPG Real Estate investment.
Heitman purchased the asset which was subject to an existing loan.
Pacific Commons Shopping Center is
located at the southwest corner of Interstate 880 and Auto Mall Parkway.
Completed in phases between 2004 and 2006, the center is
part of a larger approximately 1.2 million-square-foot retail development
situated within an 840-acre mixed-use master planned community that also
includes 1.1 million square feet of office/R&D and light industrial space,
an 11-dealership auto mall, 440-acre wetland preserve and a 153-acre land
parcel with entitlements for 3.4 million square feet of additional office,
R&D and retail.
 |
| Mark Damiani |
Situated on 79.2 acres, Pacific Commons Shopping Center is
approximately 97 percent leased and is anchored by tenants such as Lowe’s,
Costco, Nordstrom Rack, TJ Maxx, HomeGoods, Staples, Kohl’s, DSW, Target (NAP)
and Cinemark Century Theaters (NAP).
The HFF investment sales team representing the seller was
led by managing director Nicholas Bicardo and director Mark Damiani
along with managing director Bryan Ley.
“In addition to being the most dominant and highest quality
retail center within a 10-mile radius, Pacific Commons represented one of the
only opportunities of 2013 to deploy $100+ million of equity into a core retail
asset in Northern California in an environment where there continues to be absolute
dearth of product,” said Bicardo.
Catellus Development Corporation is an Oakland,
California-based national leader in mixed-use development.
 |
| Bryan Ley |
With nearly 30 years of experience as a master developer,
Catellus has transformed former airports, military bases and urban industrial
sites into thriving retail, residential and commercial communities.
Catellus also excels
at executing the retail and office components of these complex projects, often
serving as the vertical developer.
TPG Real Estate is the real estate platform of TPG, a
leading global private investment firm founded in 1992 with $55.3 billion of
assets under management and offices in San Francisco, Fort Worth, Austin,
Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai,
New York, Paris, São Paulo, Shanghai, Singapore and Tokyo.
TPG has extensive experience with global public and private
investments executed through leveraged buyouts, recapitalizations, spinouts,
joint ventures and restructurings.
Further information is available at www.tpg.com.
Heitman, founded in 1966 and headquartered in Chicago,
manages more than $28 billion in assets invested directly and indirectly in
real estate in North America, Europe and Asia-Pacific. The firm’s clients
include institutions, pension plans, endowments and foundations and individual
investors.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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