A Stockbridge Capital Partners fund is offering a mixed-use complex in the Bay Area that could attract bids of roughly $150 million.

The fully occupied property, Park Place at Bay Meadows, has 187,000 sf of office space and 63,000 sf of retail space. There are also 19 residential condominiums that are owned separately and not part of the offering.

At the estimated sales price, the buyer’s initial annual yield would be about 5.5%. Stockbridge is marketing the office and retail components jointly, but it would consider bids on either part. Eastdil Secured has the listing.

The lead office tenants are Oracle, which has a lease on 128,000 sf until 2014, and Dorado Corp. (36,000 sf until 2008). Whole Foods, the main retail tenant, is leasing 38,000 sf until 2023. Its store generates sales of nearly $1,000/sf.

Most of the leases were signed before the project was completed in 2003. Since then, the market has rebounded strongly. As a result, the rents at Park Place are lower than the prevailing triple-net asking rents of $39/sf for comparable office space and $50/sf for retail space.

The three-building property is off U.S. Highway 101, less than a mile south of State Highway 92 and about 20 miles south of San Francisco.

Park Place is on land that PaineWebber Real Estate Fund acquired in 1997 and subdivided. The 173-acre site had been occupied for seven decades by the Bay Meadows Race Course.

The PaineWebber fund developed Park Place. The actual construction was handled by Equity Office Properties of Chicago and Blake Hunt Ventures of Danville, Calif., neither of which plowed any equity in the project. In 2003, the fund’s manager, Terry Fancher, and several colleagues formed Stockbridge and acquired the management rights to the fund, which they renamed Stockbridge Real Estate Fund.

Stockbridge, which last year completed raising $1 billion of equity for a follow up fund, plans to develop office, retail and luxury residential condominiums on other portions of the former racetrack.