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EMERYVILLE, CA-A fund of BlackRock Realty Advisors has acquired a 66% interest in the 400,000-sf retail portion of Bay Street, a one-million-sf urban village here. The seller was Madison Marquette, which retains the remaining one-third stake and presumably, the leasing and management assignments.Bay Street is located at the foot of the Bay Bridge, adjacent to Interstate 80. Bay Street’s 400,000-sf retail component includes an AMC Theatre, nine restaurants and 65 shops. Retailers include Apple, Coach, Abercrombie & Fitch, Limited Express, Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Cold Stone Creamery, Pasta Pomodoro and P.F. Changs China Bistro. The parties involved in the transaction declined to reveal the purchase price and it was not otherwise immediately available. Madison Marquette’s Eric Hohmann would tell GlobeSt.com the total development cost for the retail at Bay Street: $160 million.Bay Street comprises three city blocks and reflects a traditional main street. The retail component of Bay Street opened in November 2002. Over 350 units of residential apartments and condominiums built atop the retail streetscape will be available for occupancy beginning later this year. In addition, the City of Emeryville recently granted Madison Marquette’s exclusive negotiating rights for three adjacent acres of land to build a hotel and additional residential and retail space.Madison Marquette and investment vehicles managed by BlackRock Realty are co-investors in a number of other properties. Most recently, they co-invested in a portfolio of 54 properties totaling over 400,000 sf of upscale urban retail in Florida, New York, Massachusetts and Connecticut. Other joint venture properties include MarketFair, a 240,000-sf lifestyle center in Princeton, NJ and Plaza Paseo Real, a neighborhood center located in the San Diego coastal community of Carlsbad.

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