Locally based TMG Partners, in an equity partnership with Bridges Capital LLC, has acquired Metreon, a 320,000-square-foot shopping and entertainment destination at 135 4th St. at Mission in Downtown San Francisco in a deed-in-lieu transaction from Acore Capital, the lender on the acquisition. The City of San Francisco will continue to retain ownership of the ground lease. Although the purchase price was not disclosed, published reports last year cited an assessed value of $150.7 million.

“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 TMG president and CIO Ben Kochalski. “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.”

Located in the Yerba Buena neighborhood, Metreon is a four-story, vertical shopping and entertainment center anchored by Target and a 16-screen AMC Theatre, featuring the tallest IMAX screen in North America. “This investment in the Metreon is a powerful vote of confidence in our downtown recovery,” said Mayor Daniel Lurie.