{"id":1004158696,"date":"2016-11-10T01:02:31","date_gmt":"2016-11-10T09:02:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004158696"},"modified":"2020-04-06T03:39:03","modified_gmt":"2020-04-06T11:39:03","slug":"jv-grabs-full-retail-city-block-in-bay-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-grabs-full-retail-city-block-in-bay-area\/","title":{"rendered":"JV Buys Prime Block of Bay Area Retail"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004158697\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/The-Shops-at-Todos-Santos-courtesy-of-Newmark-Cornish-Carey.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004158697\" data-attachment-id=\"1004158697\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-grabs-full-retail-city-block-in-bay-area\/the-shops-at-todos-santos-courtesy-of-newmark-cornish-carey\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/The-Shops-at-Todos-Santos-courtesy-of-Newmark-Cornish-Carey.jpg\" data-orig-size=\"900,603\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Shops at Todos Santos, courtesy of Newmark Cornish &#038; Carey\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/The-Shops-at-Todos-Santos-courtesy-of-Newmark-Cornish-Carey.jpg?w=900\" class=\"wp-image-1004158697 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/The-Shops-at-Todos-Santos-courtesy-of-Newmark-Cornish-Carey.jpg\" alt=\"The Shops at Todos Santos, courtesy of Newmark Cornish &amp; Carey\" width=\"300\" height=\"201\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/The-Shops-at-Todos-Santos-courtesy-of-Newmark-Cornish-Carey.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/The-Shops-at-Todos-Santos-courtesy-of-Newmark-Cornish-Carey.jpg?resize=300,201 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/The-Shops-at-Todos-Santos-courtesy-of-Newmark-Cornish-Carey.jpg?resize=768,515 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004158697\" class=\"wp-caption-text\">The Shops at Todos Santos, courtesy of Newmark Cornish &amp; Carey<\/p><\/div>\n<p><strong>Concord, Calif.\u2014<\/strong>More than a century after amassing the first parcel of a site in Concord, Calif., that would become home to The Shops at Todos Santos, a private Northern California family has sold the 40,000-square-foot San Francisco Bay Area retail property to a joint venture involving <a href=\"https:\/\/www.longmarketre.com\/\" target=\"_blank\" rel=\"nofollow\">Long Market Property Partners LLC<\/a> and <a href=\"https:\/\/www.paragoncommercialgroup.com\/\" target=\"_blank\" rel=\"nofollow\">Paragon Commercial Group LLC<\/a>.<\/p>\n<p>Commercial real estate services firm Newmark Cornish &amp; Carey marketed the Shops on the seller\u2019s behalf, and witnessed the investment community\u2019s strong attraction to the asset. A property like the Shops doesn\u2019t come up for grabs every day.<\/p>\n<p>\u201cIt is highly unusual to acquire a full city block in such a core location within Contra Costa County, particularly within such close proximity to public transportation,\u201d Forrest Gherlone, a senior managing director of investment services with Newmark Cornish &amp; Carey, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>. \u201cThe block is comprised of 12 separate parcels, and in most cases securing a similar site would necessitate an assemblage of properties from multiple owners.\u201d<\/p>\n<p>Downtown Concord is undergoing a revitalization and the Shops is in the middle of it all. Situated along Mt. Diablo St. within a couple of blocks of a BART station, the <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">shopping center<\/a> is just a stone\u2019s throw from Todos Santos Plaza, the city\u2019s central entertainment and gathering spot. But location was just one of the factors investors found hard to resist. The property is also 100 percent leased, with a tenant roster featuring 15 local, regional and national retailers. And perhaps the biggest selling point was the potential for additional development at the approximately 2.2-acre shopping destination.<\/p>\n<p>Long Market and Paragon have not revealed any expansion plans for the Shops just yet, but they do have plans. The new owners intend to invest additional capital to fortify the property\u2019s position as downtown Concord\u2019s leading retail locale well into the future. However, it\u2019s not just downtown that\u2019s blossoming; retail across Concord is on the upswing.<\/p>\n<p>\u201cOverall the Concord retail market has improved vastly over the past few years,\u201d Gherlone said. \u201cCenterCal\u2019s Veranda project on the former Chevron campus is under construction, the Willows Shopping Center has been significantly updated, and several other smaller developments have been recently delivered.\u201d At the Chevron business park, which Newmark Cornish &amp; Carey sold to CenterCal in 2015, four <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office buildings<\/a> will be replaced with a new 375,000-square-foot power center.<\/p>\n<p>\u201cWhile there is still a lot of older space in certain pockets, the trend is towards newer projects which in turn attracts a higher level of tenants to the area,\u201d added Gherlone.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Long Market Property Partners and Paragon Commercial Group have purchased The Shops at Todos Santos in Concord, Calif.<\/p>\n","protected":false},"author":969,"featured_media":1004158697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21749,1609,15],"tags":[],"class_list":["post-1004158696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-retail","category-san-francisco","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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