"The biggest reason for our decision to close is the decline of Blackhawk Plaza, Richard Draeger, a co-owner of Draeger's Market, said in an interview with this news organization. It's mostly empty. My best guess is that it's 70% to 80% vacant. The deterioration of the upscale mall has led to an erosion in sales for the Draeger's Market at 4100 Blackhawk Plaza Circle, according to Draeger. This has caused a severe decline in traffic and sales, Draeger said."
"The retailer also operates stores in Los Altos and Menlo Park. In recent years, Blackhawk Bar & Grille and Century Theaters ceased operations at Blackhawk Plaza, which removed significant anchors from the center. The Draeger's exit will add to those problems. In 2023, real estate agents announced that Apple Cinemas had agreed to lease the space that the Century movie complex had vacated. But more than two years later, the movie house site remains empty."
"Ramanujan Group owns Blackhawk Plaza after paying $38.2 million in 2020 for the complex. The ownership group, based in the Orange County city of Newport Beach, also obtained $28 million in financing from Preferred Bank at the time of the deal. The maintenance of the center is pretty poor, Draeger said. The current ownership has fallen far behind in maintenance."
Draeger's Market will close its Danville store within weeks because Blackhawk Plaza has deteriorated and is largely vacant, with an estimated 70 to 80 percent vacancy. Loss of anchor tenants such as Blackhawk Bar & Grille and Century Theaters has reduced foot traffic and eroded sales at the 4100 Blackhawk Plaza Circle location. The retailer plans to try to place about 48 affected employees at its Peninsula locations and continues operating stores in Los Altos and Menlo Park. Ramanujan Group purchased Blackhawk Plaza in 2020 for $38.2 million with $28 million financing; maintenance complaints and ownership denials have followed.
Read at www.mercurynews.com
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