Even as a possible buyer for the Town Center steps forward, a
second key parcel in downtown Napa is for sale and may also have a
buyer in the works.

Commercial real estate brokerage Cassidy Turley has listed the
77,280-square-foot Kohl’s Parkway Plaza mall for sale. As of last
week, the property was listed as being “in contract.”

The price for the property, which includes Zinsvalley
restaurant, Bistro Sabor and several other businesses, located at
1106, 1116 and 1118 First St., is listed as “best offer.”

Turley and a Lubert-Adler office in Santa Monica did not return
calls for comment.

In July 2008, the property was bought by KLA Main LLC, a joint
venture consisting of Klaff Realty of Chicago, Lubert-Adler Funds
of Philadelphia and other investors.

KLA Main purchased the property from the estate of Ed Keith of
Napa. The 2008 sale price was not revealed, but at one point Keith
had listed the property, which then featured Mervyns instead of
Kohl’s, for $20 million.

According to the latest sale listing, there appears to be a
mortgage on the parcel of $13.5 million.

At the time of the 2008 sale, local developer Keith Rogal said
he planned to work with KLA Main to redevelop the property. But
after Mervyns filed for bankruptcy, the stores were liquidated and
the building later remodeled and leased to Kohl’s. Rogal said last
week he is no longer involved with the property.

Zinsvalley owner Greg Johnson, a Parkway Plaza tenant for two
years, said he has eight years to go on his lease. If the property
is sold, “it won’t make a difference. My lease is locked in,” he
said.

Ariel Ceja of Bistro Sabor is the newest tenant at Parkway
Plaza. He’s not sure what the pending sale means just yet.

“It’s hard to tell without speaking with the new owners,” he
said. He had heard the mall was for sale, but “I haven’t thought
about it too much.”

Ceja has at least two years left on his lease, plus options to
extend.

“It’s a great location. I’m loving it,” he said.

The property has two empty spaces, one on either side of the
Tres Hermanos taqueria.

Todd Zapolski, who is currently working on a deal to buy the 
Town Center next door, said he was aware Parkway Plaza was for sale
but wasn’t interested in buying it.

“We looked at it,” but “it’s a very different property” than
Town Center, Zapolski said.

“It’s a very passive investment,” he said. “You can’t do
anything to it. The tenant controls the property because they have
a long-term lease. All you can do is take the income.”

According to the city, the Kohl’s lease runs through July 2016,
with three additional five-year lease options that extend to July
31, 2031.

A new owner doesn’t mean much for his Town Center project,
Zapolski said. “It’s just trading hands. I don’t think you will see
much change,” he said.