Zapolski and Trademark buy Parkway Plaza in Napa
NAPA, Calif. (May 13, 2015) – A partnership led by Zapolski Real Estate and Trademark Property Co. has closed on the acquisition of 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.
“Downtown Napa is in the midst of a true renaissance, and we’re confident that the momentum will continue as we move forward with our plans to transform the commercial center of The Napa Valley,” said Andrew Mazotti, who leads acquisitions for Zapolski Real Estate, LLC. “Acquiring Parkway Plaza allows us to both enlarge our district and gain critical frontage along key Downtown streets, which are essential to achieving our vision for Napa Center and its greater neighborhood.”
The acquired Parkway Plaza, completed in phases in 1973 and 1983, is located on nearly two acres along Coombs Street and First Street and is 100 percent occupied. Included in the acquisition are retail and restaurant tenants: Don Perico, Kohl’s, Napa Valley Casual, Jax Diner, Atlas Social and Miyamo. Immediate plans for the property are to improve the exterior of the buildings and increase signage.
“This expansion is a crucial step in revitalizing the Downtown Napa core into a walkable, multipurpose, urban district and leisure destination for locals and visitors, alike,” said Zapolski Real Estate principal Todd Zapolski. “By bringing these formerly separate properties under a single management and marketing program, we are one step closer to our vision of a diverse and dominant retail district for the entire region.”
Together, Zapolski and Trademark are underway on an over $100 million property redevelopment intended to transform Napa Center, adding approximately 40+ shops and restaurants, as well as a 183-room boutique luxury Archer Hotel to the surging Downtown area. The redevelopment will include new hardscape and landscaping, seating areas, water features and a public art program. Completion is slated for fall 2016.