PALO ALTO — A Bay Area developer has bought the site of a popular Palo Alto restaurant in a busy commercial district that’s next to Stanford Research Park.
The new owner of the property, an affiliate of Acclaim Cos., paid cash for the property that’s leased to Fish Market seafood restaurant in Palo Alto, according to documents filed with the Santa Clara County Recorder’s Office on April 30.
Acclaim Cos. paid $16 million for the property, which is at 3150 El Camino Real between Hansen Way and Page Mill Road, the county public records show.
The purchase was an all-cash deal. Acclaim bought a roughly one-acre site that includes the seafood restaurant building and a big adjacent parking lot.
Fish Market, as was the case with the vast majority of restaurants nationwide, was closed for many months during 2020 due to government-ordered shutdowns to combat the coronavirus.
Like countless restaurants in California and the Bay Area, the restaurant only recently was able to reopen for indoor dining. The Fish Market in Palo Alto reopened in mid-April, according to the restaurant’s website.
“Our first restaurant has been a Palo Alto institution since its doors opened in 1976,” Fish Market stated on its website.
The Fish Market property is located in a part of Palo Alto that’s dotted with office buildings, restaurants, and some hotels. The site is a few blocks from the California Avenue train station and just down the street from Stanford University.
Menlo Park-based Acclaim Cos., the site’s new owner, is a developer whose earlier work consisted primarily of developing or revamping residential complexes in the Bay Area and nearby.
In more recent years, Acclaim developed a big 133-unit apartment complex in downtown Redwood City called Locale that’s located a short distance from a Caltrain stop. That construction was completed in 2016.
In 2018, Acclaim launched construction on 855 Main Street, a 100,000-square-foot mixed-use office and retail project in downtown Redwood City.
“We create vibrant places in which people love to live, work, and play,” Acclaim Cos. stated on its website.
This news organization requested a comment from the two principal owners of Acclaim regarding the company’s interest in the choice Palo Alto site.
“We work together with communities, municipal leaders, and other stakeholders to design environments that enhance public spaces, and fulfill a community need,” Acclaim stated. “Our best projects have come about through genuinely seeking, considering, and incorporating community input.”
Originally Appeared On: https://www.mercurynews.com/2021/05/03/palo-alto-restaurant-site-bought-bay-area-developer-real-estate-covid/