CONCORD — A buyer affiliated with a Southern California investor in shopping centers has bought a well-known retail and restaurant complex in downtown Concord.
The Shops at Todos Santos Plaza, a two-acre center of shops and restaurants in Concord, has been bought in an all-cash deal that represents a hefty profit for the sellers, according to Contra Costa County property records.
According to Contra Costa County property documents, Shops at Todos Santos LLC paid about $33 million for the retail and dining center in downtown Concord, in a deal that was completed on Dec. 30.
The transaction was arranged by brokers Nicholas Bicardo, Brandon Rogoff, Forest Gherlone, and Michael Zylstra, who are executives with Newmark Knight Frank, a commercial real estate firm.
The seller was TS Concord, an affiliate controlled by Paragon Commercial Group and Long Market Property Partners, which purchased Shops at Todos Santos in 2016. TS Concord paid $19 million for the retail complex in that transaction about three years ago.
The new ownership group, Shops at Todos Santos LLC, is based at 4695 MacArthur Court, Suite 700, in the Orange County city of Newport Beach, according to a search of official business and corporate filings. That location is the headquarters address of TRC Retail, which owns, develops, and operates retail centers, primarily in the Western United States.
“TRC focuses on best-in-class retail shopping centers that serve as a community’s primary shopping destination,” according to the TRC Retail web site.
Mike Shekoyan, a leasing manager at TRC Retail, lists as his current leasing projects several retail centers, including The Shops at Todos Santos, Rancho Del Mar in Aptos, Orchards at Walnut Creek, The MarketPlace at San Ramon, Lincoln Square in Oakland, Shops at College & Claremont in Oakland, and Sunnyvale Shopping Center, according to his LinkedIn page.
The buyers didn’t want to comment about the transaction, according to Newmark Knight Frank.
“It is a prestigious property and we strongly believe in the continued growth fundamentals of this location,” Justin Shapiro, principal at Long Market Property Partners, said in describing the upside for The Shops at Todos Santos, which totals 41,000 square feet. The retail center is about three blocks from the BART station in downtown Concord.
During 2018, the sellers undertook a wide-ranging redevelopment of the shopping center, which is bounded by Willow Pass Road, Galindo Street, Salvio Street, and Mt. Diablo Street. The center is fully leased up and has 15 tenants, including Old Spaghetti Factory, Chipotle Mexican Grill, and Peet’s Coffee.
“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,” said Bicardo, a Newmark Knight Frank vice chairman and a retail expert with the commercial brokerage.
