Newport Beach Investor Buys Swanky NorCal Shopping Center

NEWPORT BEACH, CA — A Newport Beach investment group purchased an upscale San Francisco Bay Area shopping center for more than $38 million in April — possibly less than its assessed value, Bay Area News Group reported.

Blackhawk Plaza in Danville had an assessed value around $61 million prior to the transaction, the paper reported. The shopping center has long struggled with its location, four miles off of the I-680 freeway.

Ramanujan Group bought the shopping center with the help of $28 million in financing provided by Preferred Bank, Bay Area News Group reported. Blackhawk Plaza was previously owned by Los Angeles-based CenterCal Properties.

The 250,000-square-foot property underwent a multi-million dollar makeover in 2009 that led to increased occupancy and retail revenues.

But amid the pandemic, some tenants have left.

East Bay Area restaurateur Rodney Worth closed two of his Blackhawk Plaza restaurants: the Prickly Pear Cantina in January and The Little Pear in June.

Blackhawk Plaza that vacancies in the plaza contributed to his decision to close The Little Pear.

Read more from Bay Area News Group.

This article originally appeared on the Newport Beach-Corona Del Mar Patch

Source Article