January 22, 2020 — Newmark Knight Frank (NKF) Retail Capital Markets has announced the sale of The Shops at Todos Santos Plaza, an entire city block of urban retail located in the heart of downtown Concord, one of the San Francisco Bay area’s strongest growth markets.
Comprised of 15 retail and restaurant tenants immediately adjacent to the historic downtown Concord Square, The Shops at Todos Santos Plaza were sold by a partnership between Paragon Commercial Group and Long Market Property Partners.
Northern California based NKF Vice Chairman Nicholas Bicardo, Managing Director Brandon Rogoff and Senior Managing Directors Forest Gherlone and Mike Zystra represented the seller on the transaction.
“Todos Santos represented an opportunity for only the second time in over 100 years to acquire this entire city block with easy BART access in an urban market that is experiencing tremendous growth,” said NKF Vice Chairman and Head of Retail Capital Markets Northern California, Nicholas Bicardo.
This unique assemblage of urban necessity-based retail, encompassing a full city block 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.” “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 Shops at Todos Santa Plaza was a remarkable opportunity, one in which our team was fortunate to participate,” concluded Bicardo. “Investors were eager for an opportunity to acquire a remarkedly well positioned asset with convenient BART access, located in one of the area’s strongest growth markets and occupied by experiential demand-driver tenants augmented by an e-commerce resistant tenant mix with favorable lease economics.”