Business & Tech
Blackhawk Plaza Likely Sells Below Value For $38M: Report
A Southern California investor likely purchased the shopping center for less than its estimated value, Bay Area News Group reported.
DANVILLE, CA — Blackhawk Plaza is under new ownership after a Southern California investment group purchased the property for more than $38 million in April — possibly less than its assessed value, Bay Area News Group reported.
The property's assessed value was about $61 million prior to the transaction, the paper reported.
The shopping center has long struggled with its location, four miles off of I-680.
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Ramanujan Group in Orange County 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.
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But amid the pandemic, some tenants have left.
Tri-Valley restaurateur Rodney Worth closed two of his Blackhawk Plaza restaurants: the Prickly Pear Cantina in January and The Little Pear in June.
He said that vacancies in the plaza contributed to his decision to close The Little Pear.
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