San Francisco Business Times reporter Laura Waxmann is reporting that the sale of the Bay Street Emeryville shopping center may be close to being finalized. The shopping center is currently owned by global real estate firm UBS and rumored to being “shopped around.”
According to Waxmann’s sources, southern California-based real estate developer CenterCal Properties is under contract to purchase the property from current owner UBS as well as the vacant adjacent Site B for an estimated $95 million.
UBS acquired Bay Street from Madison Marquette in 2015 for $289 million while the Hyatt Place hotel was being built and the mall seemed to be on solid footing. Since then, the retail climate at Bay Street has soured and we’ve documented a growing list of vacancies. The remodeled “food shed” has sat vacant since construction was completed earlier this year.
Waxmann noted that the building previously occupied by Old Navy could be repositioned for life sciences use. The in-progress South Bayfront bridge will soon provide convenient bicycle and pedestrian access to the mall from the eastern side of the city.
If the sales price holds, UBS will have taken a considerable $194 million loss on the property. The deal was reportedly brokered by Newmark’s Steve Golubchik and Nicholas Bicardo.
Read More on The SF Business Times (paywall may apply)