Retail center anchored by big grocery store is bought
Veteran Bay Area developer buys shopping center for $33M
LOS GATOS >> A high-profile shopping center in Los Gatos that's anchored by a well-known grocery store has been bought by a Bay Area developer with wideranging real estate interests.
El Gato Village, a Los Gatos neighborhood center whose primary anchor is gourmet supermarket Nob Hill Foods, was purchased for $33 million, according to documents filed on Feb. 15 with the Santa Clara County Recorder's Office.
In addition to the anchor Nob Hill Foods store, other merchants in the center include Los Gatos Cafe Uptown, Una Mas Mexican Grill, Postalannex and Baskin-robbins ice cream.
Prado Group is the new owner of the shopping center, which has addresses that include 15710 Los Gatos Blvd.
San Francisco-based Prado Group obtained a $21 million loan from First Republic Bank at the time of the purchase, the county documents show.
“Prado Group is a privately held real estate investment and development company with a primary focus on urban residential, retail, office, and mixed-use properties,” the company states on its website.
One shopping center that appears to bear similarities to the just-bought El Gato Village is a retail site at 3250 Lakeshore Ave. in Oakland. This East Bay center is anchored by Trader Joe's.
Prado Group said it became interested in the Oakland
retail center because the developer was alarmed that a series of short-term leases might create too much churn and cause merchants to exit the Lakeshore neighborhood.
“Currently, Prado is in conversation with 3250 Lakeshore's tenants, exploring ways to blend and extend their leases and preserve the operation of this
community retail space,” Prado Group stated on its website.
The company's featured properties typically point to transformations of existing sites, often in subtle ways.
“We seek out, invest in, and develop for the positive evolution of the built environment,” Prado Group stated on its website.