Zapolski buys Parkway Plaza downtown

A development group led by Zapolski Real Estate has bought Kohl’s Parkway Plaza commercial complex, effectively claiming control of most of the north side of First Street from Main to Franklin streets. Read more…

Zapolski acquires Kohl’s — Parkway Plaza

A partnership lead by Zapolski Real Estate that includes Trademark Property Co. has closed on the acquisition of Kohl’s – Parkway Plaza, a six tenant retail center adjacent to the group’s Napa Center mixed-used redevelopment in the heart of Downtown Napa, Calif. The acquisition adds 77,000 square feet of retail and restaurant space to Napa Center, bringing the total area now under a single control to 380,000+ square feet. Read more…

Quake quickens downtown Napa redevelopment

Downtown Napa will most likely will only lose one to two buildings because of the early Sunday morning Aug. 24 magnitude 6.0 earthquake that awakened Napans and their visitors and rattled Northern California as far away as 120 miles. All the other buildings are repaired or in process. Read more…

North Bay retail has little room to grow

From the North Bay Business Journal  By Garrick Brown DTZ’s preliminary statistics for the first quarter of 2015 indicate that North Bay shopping center vacancy fell over the first three months of the year and now stand at just 3.8 percent, compared with 4.2 percent at the close of 2014. And assuming that these numbers hold through the remainder of the quarter — it does not end until March 31 — it would mark the second consecutive quarter of falling vacancy levels in the North Bay. Our survey covers shopping centers in Marin, Napa and Sonoma counties, all of which continue to face significant imbalances between supply and demand. The average asking rent for retail space in the region is currently $22.73 per square foot (psf) on an annual triple-net basis. This number is up significantly from $19.20 psf a year ago. But we should note that because it covers all sizes and classes of availability, it is useful only as a benchmark. The average asking rate in the region of currently available small shop space (3,000 square feet or less) is $26.05 psf (up from $21.08 a year ago). But this number skyrockets for the rare class A listing that comes to market or for new construction, rental rates for both of which have routinely topped $60.00 psf. The great challenge facing the market as a whole is that there is not enough available space to sate retailer demand. We are tracking increased space requirements from most retail categories — from food users to hard-goods chains — that are looking to expand in the North Bay to capitalize...