The Fish Market restaurant in Palo Alto is under new ownership, although likely not because it needs a menu refresh. In a transaction that closed on April 30th, Menlo Park-based Acclaim Companies purchased the site located at 3150 El Camino Real in Palo Alto for $16 million, according to public documents.
The restaurant chain’s first location was in Palo Alto, and it opened in 1976, according the restaurant’s web site. It was founded by four fishing friends who expanded the business to Santa Clara, San Mateo and later on in Southern California, as well.
The Acclaim purchase most likely means a redevelopment of the site. The company, led by Mark and Gary Johnson, is a boutique developer with projects across the broader Bay Area region that focuses on projects with lasting value centered on community need, according to the company’s web site. One of the company’s latest projects is the 855 Main Street property in Redwood City. Acclaim had started construction on the 100,000 square foot property on a speculative basis in 2018 and recently announced the leasing of 28,000 square feet to global law firm Hogan Lovells.
Acclaim’s plans for the Palo Alto location have not been made public. As of this writing, the company has not returned The Registry’s request for comment. Given the notoriously arduous entitlement process in Palo Alto, it will likely take some time before Acclaim will have a final set of plans for this location, although it is not far fetched to imagine a mixed-use opportunity that will enhance the El Camino corridor in one of Silicon Valley’s most desirable cities.
“Our projects are frequently embedded with entitlement, regulatory, historic and political issues. It’s within this context that we embrace the development process as a means of unleashing creative collaboration,” the company stated on its web site. “Whether we’re revitalizing a beloved historic structure or crafting a transit-oriented multifamily community, we create vibrant places in which people love to live, work and play.”