Historic Urban Retail Benefits from Seller Repositioning
The Shops at Todos Santos Plaza, an entire downtown block of urban retail, was recently sold by a partnership between Paragon Commercial Group and Long Market Property Partners.
CONCORD, CA—The Shops at Todos Santos Plaza, which encompasses a full city block of urban retail, has 15 retail and restaurant tenants immediately adjacent to the historic Concord Square. The asset was recently sold by a partnership between Paragon Commercial Group and Long Market Property Partners for an undisclosed purchase price.
“Todos Santos is comprised of 12 separate parcels, which provides tremendous flexibility in the future. An assemblage of this scale in the heart of a downtown location is truly a rarity,” Nicholas Bicardo, Newmark Knight Frank vice chairman and head of retail capital markets Northern California, tells GlobeSt.com.
The rarely acquired assemblage of urban necessity-based retail was positioned extremely well within the market due to the seller’s recent redevelopment of the Todos Santos property. At the time of sale, it was fully leased to a strong lineup of restaurant tenants.
“This was a bittersweet sale for our team,” stated Justin Shapiro, principal at Long Market Property Partners, based in San Francisco. “Todos Santos is a prestigious property in which we have invested tremendous effort. We strongly believe in the continued growth fundamentals of this location.”
Restaurants now account for 17% of US retail sales, more than any other retail sector, and restaurant sales growth has outpaced overall US retail sales gains in recent years, says CBRE. Its latest report highlights eight trends including the spread of small-format “eatertainment” concepts impacting the food and beverage real estate sector.
“The retail momentum for urban street retail in this corridor will continue to strengthen, making this a key market for retailers expanding in the East Bay,” adds Patrick McGaughey, director of investments for Paragon Commercial Groups Northern California office.
Bicardo, managing director Brandon Rogoff and senior managing directors Forest Gherlone and Mike Zylstra of NKF represented the seller on the transaction.