LOS GATOS – A high-profile strip mall in Los Gatos, anchored by a well-known grocery store, has been purchased by a Bay Area developer with extensive real estate interests.
El Gato Village, a Los Gatos neighborhood center whose main anchor is gourmet supermarket Nob Hill Foods, was bought for $33 million, according to documents filed Feb. 15 with the County Registrar’s Office in Santa Clara.
In addition to the Nob Hill Foods flagship store, other merchants in the center include Los Gatos Cafe Uptown, Una Mas Mexican Grill, PostalAnnex, and Baskin-Robbins Ice Cream.
The Prado Group is the new owner of the mall, whose addresses include 15710 Los Gatos Blvd.
The San Francisco-based Prado Group secured a $21 million loan from First Republic Bank at the time of the purchase, county documents show.
“The Prado Group is a privately held real estate investment and development company with a primary focus on urban residential, commercial, office and mixed-use properties,” the company states on its website.
A mall that appears to bear similarities to the just-purchased El Gato Village is a retail site at 3250 Lakeshore Ave. in Oakland. This East Bay center is anchored by Trader Joe’s.
The Prado Group said it became interested in the Oakland mall because the developer was alarmed that a series of short-term leases could create too much turnover and drive merchants out of the area. Lakeshore.
“Currently, Prado is in conversation with the tenants of 3250 Lakeshore, exploring ways to merge and extend their leases and keep this community retail space running,” the Prado Group said on its website.
The company’s featured properties usually indicate makeovers of existing sites, often in subtle ways.
“We research, invest and develop for the positive evolution of the built environment,” the Prado Group said on its website.