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**TMG Partners and Bridges Capital Acquire San Francisco’s Metreon Mall**
TMG Partners, a San Francisco-based real estate developer, in partnership with Bridges Capital LLC, has acquired the iconic Metreon mall in Downtown San Francisco. The 320,000-square-foot shopping and entertainment center, located at 135 4th Street at Mission in the Yerba Buena neighborhood, was transferred through a deed-in-lieu transaction from Acore Capital, the lender on the property. Although financial terms of the deal were not disclosed, prior reports valued the property at approximately $150.7 million. The City of San Francisco retains ownership of the ground lease.
“Since it first opened in 1999, Metreon has been a mecca for entertainment, shopping, and dining for families, local office workers, and visitors to San Francisco,” said Ben Kochalski, President and CIO of TMG Partners. “TMG Partners will now continue the tradition as we improve the experiential opportunities across the theaters, dining options, retail, common areas, and most notably the top-floor event space.”
The four-story vertical complex is anchored by Target and a 16-screen AMC Theatre, which includes the tallest IMAX screen in North America. It has long served as a key destination in the heart of the city’s downtown arts and commercial district.
San Francisco Mayor Daniel Lurie praised the acquisition, stating, “This investment in the Metreon is a powerful vote of confidence in our downtown recovery.”
The transaction marks a significant move in revitalizing San Francisco’s central business district as the city continues its post-pandemic recovery efforts.
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