Blake Hunt Ventures - Stockbridge Real Estate Funds Announce Lease With Whole Foods Market Aa "The Green on Park Place"
Jerry Hunt
Blake Hunt Ventures
(925)3142700,ext.15
jhunt@blakehunt.com
DUBLIN, California (February 21, 2008) – Blake Hunt Ventures (BHV), in conjunction with its partner, Stockbridge Real Estate Funds (SBFunds), has announced the execution of a lease agreement with Whole Foods Market (Nasdaq: WFMI) as part of a new retail development, “The Green on Park Place” development located at I-680 and Hacienda Drive, in the heart of the San Francisco East Bay Tri-Valley area.
Heralded as the world’s largest natural foods chain, Whole Foods Market boasts over 265 stores in North America and Great Britain, and is well-known among food aficionados as a paradise of culinary treasures from authentic artisans and renowned purveyors of produce, meat, seafood, cheese, coffee and baked goods.
“We are delighted to have Whole Foods Market join this extraordinary project,” said Jerry Hunt, President of BHV. “Whole Foods is an important cornerstone of our efforts to provide the Tri-Valley community with a collection of retailers and a physical environment that will be unique not just to the Tri-Valley, but the greater Bay Area. Whole Foods Market is one of the most-dynamic retailers in the country and has a proven track record of creating vibrancy and energy, which will have a very positive impact at this a one-of-a-kind venue, The Green on Park Place.”
"After several years of actively looking for the ideal location in the Tri-Valley, we are thrilled to finally announce that we will be coming to The Green on Park Place in Dublin," said David Lannon, President of Whole Foods Market in California. "With plenty of patience and perseverance, we have found a fantastic location to serve the Tri- Valley as it continues to grow and diversify, and we look forward to becoming a part of the community."
The Green on Park Place, formerly known as Emerald Place, will be a 305,000 square-foot retail development designed to provide an engaging experience for shoppers, diners and families unlike any other in the greater East Bay Area. Hunt added, “Our vision is for The Green on Park Place to be a destination and gathering place that will provide a rewarding and refreshing retailing experience.” Whole Foods will occupy a 50,000 square-foot building at the west end of The Green’s centerpiece, a grand east-west pedestrian oriented street that will offer nearly 3 city blocks of retailing, restaurants and meaningful gathering areas. This destination will have a lively urban feel, programmed with amenities that provide a rich pedestrian experience, such as walking paths, water features and sitting areas. Overall, The Green on Park Place will feature a unique collection of national and Bay Area retailers and restaurants. The Green on Park Place will consist of architecturally distinctive buildings and mature landscaping elements, not typically found in ground-up developments. Construction of The Green on Park Place, with an estimated project cost of $150 million, begins in Fall 2008 and will be completed Spring 2010.
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About Whole Food Market
Founded in 1980 in Austin, Texas, Whole Foods Market (http://www.wholefoodsmarket.com) is the world's leading natural and organic foods supermarket and America's first national certified organic grocer. In fiscal year 2007, the Company had sales of $6.6 billion and currently has over 265 stores in the United States, Canada, and the United Kingdom. Whole Foods Market employs more than 50,000 Team Members and has been ranked for 11 consecutive years as one of the "100 Best Companies to Work For" in America by FORTUNE magazine.
About Stockbridge Real Estate Funds
Stockbridge is an investment adviser for real estate private equity funds and separate accounts capitalized by institutions and high-net-worth individuals. Stockbridge currently manages opportunistic and value-added strategies with $3.2 billion of assets under management. The firm invests in all major product types in a number of targeted markets in and around major U.S. cities. Stockbridge has 45 professionals, with offices in New York, Chicago, Los Angeles and its headquarters in San Francisco. In addition, Stockbridge is supported by an in-house development team of more than 40 individuals. With an average of more than 20 years of real estate experience, the firm’s principals have significant expertise in acquisition, disposition, management and development of real estate properties, including sustainable or “green” developments. Collectively the senior professionals have been at the center of over 500 real estate transactions encompassing more that $50 billion in value.
About Blake Hunt Ventures
Blake Hunt Ventures is a private real estate development and services company based in Danville, California. BHV's strategy is to develop, lease and manage retail and mixed-use projects, including single-family and multi-family residential projects in northern California and the West. Since the 1980’s, the BHV team has developed, acquired, leased or managed more than 10,000,000 square feet and more than 100 projects in California, Nevada, Utah, Oregon and Washington. BHV currently has more than $400 million in projects under development. For additional information, visit http://www.blakehunt.com.
