Plaza Escuela Sale Could Be a Good Thing for Walnut Creek

A national developer that manages and develops "quality" shopping centers in communities around the United States has purchased 15 commercial properties in the Bay Area, including Plaza Escuela.

Florida-based Equity One struck a deal with Capital & Counties USA, Inc., valued at $600 million, to purchase Plaza Escuela, the Willows Shopping Center in Concord and other Northern California properties, news reports said.

Plaza Escuela, home of the Cheesecake Factory and the Container Store, is seen as a prime asset, Walnut Creek-based commercial realtors told the Contra Costa Times. "The retail centers are what you would call 100 percent locations," Adria Giacomelli, a broker with the Walnut Creek office of Colliers International, a commercial realty firm, told the Times. Plaza Escula enjoys a location near the movie theater and desirable neighbors like Tiffany & Co., and the Apple Store.

This deal could be good for Walnut Creek's downtown: "A new owner brings more energy to the market. A new owner is looking at ways to enhance the assets," said Edward Del Beccaro, managing director with the Walnut Creek office of Grubb & Ellis, a commercial realty firm.