(EDITOR’S NOTE: According to people familiar with the details of the transaction, the sale closed for nearly $19 million.)
Concord, CA (November 7, 2016) — Newmark Cornish & Carey today announced the sale of the Shops at Todos Santos, a full city block of retail in the heart of downtown Concord, California. A private family sold the property to a partnership between San Francisco-based, Long Market Property Partners, LLC and prolific retail development firm Paragon Commercial Group, LLC.
“For Long Market and Paragon, the Shops at Todos Santos represented a unique opportunity to acquire a full city block in a prime downtown growth retail market with potential for upgrades that will solidify this asset as the dominant retail destination in downtown Concord,” said Justin Shapiro of Long Market Property Partners.
Paragon Commercial Group’s Director of Investments for Northern California, Patrick McGaughey, further commented, “We are excited to work with the City of Concord to augment the wonderful improvements they have already made to the downtown corridor. This property has always been one of the main community gathering areas in the city and we will be investing additional capital to ensure it remains a long-term point of pride for the city and the community.”
The family originally purchased a portion of the site in 1901 to open Concord’s first bank and aggregated the remainder of the block over time. Bordered by Mt. Diablo Street, Willow Pass Road, Galindo Street and Salvio Street, the property directly fronts on Todos Santos Plaza, Concord’s primary entertainment and social hub located just two blocks from the downtown Concord BART station.
Comprised of more than 40,000 square feet of retail space on 2.15 acres, the Shops at Todos Santos is currently 100 percent occupied by 15 local, regional and national tenants including Peet’s Coffee™, The Old Spaghetti Factory, CREAM Inc., Capriotti’s, Bollinger Nail Salon, Naan ’n’ Curry, Half Price Books and Chevron Corporation.
“Considering the infill location and future development potential, the offering generated significant interest within the investment community,” said Forrest Gherlone, a Newmark Cornish & Carey senior managing director who handled the disposition together with Mike Zylstra, Keith Marr and Zachary LeBeouf. Gherlone added, “Downtown Concord is experiencing a renaissance, with multiple large multi-family developments underway, and this block of truly irreplaceable real estate is located at the epicenter of this activity.”
About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.newmarkccarey.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
About Long Market Property Partners, LLC
Long Market Property Partners is a privately held real estate company that takes a hands-on approach to owning and operating real estate. We seek investments that allow us to leverage our experience in leasing, property management, capital improvements and tenant relationships to mitigate risk and deliver exceptional returns to investors. The principals of Long Market have a track record acquiring and repositioning office and retail assets across multiple west coast markets and bring a thoughtful blend of both institutional and entrepreneurial strategies to each investment.
About Paragon Commercial Group, LLC
Paragon Commercial Group LLC was strategically formed by an institutional team of retail executives to capitalize on opportunistic investment into value-add acquisition and tenant-driven development opportunities. As a fully integrated retail development firm, with over 60 years of collective retail experience and a retail resume in excess of 12 million square feet of neighborhood and community centers, Paragon’s deep market knowledge and tenant relationships provide a constant grass roots pipeline of acquisition, development and redevelopment opportunities. Paragon enters into each development with the expectation of long-term ownership and therefore acquires and constructs only the highest quality retail product. This commitment to quality extends to each constituency involved in the development process including, investors, government agencies, lenders, property owners, tenants and clients.