News

(EDITOR’S NOTE: According to public property documents and reporting by The Mercury News, the property traded in an all-cash transaction for $33 million. The buyer is TRC Retail.)

Concord, CA – A rare sale of an entire city block of urban retail has traded in the heart of downtown Concord, CA, one of the San Francisco Bay Area’s strongest growth markets. Commonly known as The Shops at Todos Santos Plaza, the property is comprised of 15 retail and restaurant tenants immediately adjacent to the historic downtown Concord square.

The seller, a partnership between Paragon Commercial Group and Long Market Property Partners, had recently completed a redevelopment of the property which was 100% leased at the time of the sale to a strong lineup of daily needs and restaurant tenants.

“This was a bittersweet sale for our team. It is a prestigious property and we strongly believe in the continued growth fundamentals of this location,” said Justin Shapiro, principal at Long Market Property Partners, based in San Francisco.”

“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,” added Patrick McGaughey, Director of Investments for Paragon Commercial Groups Northern California office.

The seller was represented by NKF Vice Chairman Nicholas Bicardo, Managing Director Brandon Rogoff, and Senior Managing Directors Forest Gherlone and Mike Zystra.

“Todos Santos represented an opportunity for only the second time in over 100 years to acquire this entire city block in an urban market that is experiencing tremendous growth”, said Bicardo. The Property is also located within walking distance to BART and is occupied by “daily needs tenants” with favorable lease economics offering strong NOI growth over the next ten years.”