More than $50 million total project financing arranged by HFF for retail development in the San Francisco Bay Area
SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged equity and debt capital in excess of $50 million for Pacific Pearl Shopping Center, a to-be-built 112,000-square-foot, grocery-anchored retail center in the San Francisco Bay Area community of Pleasanton, California.
HFF worked on behalf of the developer, BHV Centerstreet Properties, LLC, to arrange the joint venture equity partnership with a fund advised by UBS Asset Management. In addition, HFF secured the construction loan for the partnership through Wells Fargo Bank. This is the third successful equity and debt raise HFF has closed with BHV Centerstreet Properties in 2015, representing more than $210 million in total capital raised.
Pacific Pearl Shopping Center’s grocery anchor will be Marina Food, one of the Bay Area’s most established Asian foods supermarkets. The center will feature an international food court and dim/sum banquet restaurant in addition to a mix of traditional and Asian-oriented tenants. The 11.5-acre site is situated at the intersection of Stonebridge Drive and El Charro Road, immediately adjacent to Interstate 580 in Pleasanton, a community approximately 40 miles across the Bay and southeast of downtown San Francisco. The site is across the street from San Francisco Premium Outlets and in the immediate vicinity of multiple retail and residential developments currently planned or underway.
The HFF debt and equity placement team representing the developer was led by senior managing director Bruce Ganong, managing director Nicholas Bicardo and associate directors Brandon Roth and Danny Reddin.
“The development activity at this location on the Pleasanton/Livermore border is significant, and it will be exciting to see the Pacific Pearl project come on line, as it will provide much needed necessity-based retail services to the growing residential population in the surrounding area and will serve the large and rapidly-growing high income Asian population in the Tri-Valley,” Ganong said.
About BHV Centerstreet Properties, LLC
BHV Centerstreet Properties, LLC (BHVCP) is a private real estate development and services company based in the San Francisco Bay Area and with an office in Southern California. BHVCP's strategy is to develop, lease and manage residential, retail and mixed-use projects, on the West Coast, primarily in in-fill markets in the San Francisco Bay Area and Southern California. For more information, visit www.bhvcp.com.
About UBS Asset Management, Global Real Estate – US
With over 36 years of real estate investment advisory experience, the US real estate business of UBS Asset Management has approximately USD 28.8 billion under management on behalf of over 500 clients. A multi-disciplined real estate organization with staff of approximately 199, it is headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas. In addition to its US real estate business, UBS Asset Management, Global Real Estate manages investments in Europe, Asia and Australia, totaling USD 69 billion in real estate and real estate securities worldwide, as of June 30, 2015. In the US, it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors. (data as of September 30, 2015 unless otherwise noted) www.ubs.com/realestateAbout.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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.