Blackhawk Plaza, the longtime open-air shopping and dining destination near Danville, could soon be headed for a major ownership change.
The financially troubled mall is expected to be put on the market, according to a new court filing in the Chapter 11 bankruptcy case involving its owner, Ramanujan Group LLC.
In a status report filed this week, attorneys wrote that Ramanujan Group and Iron Condor “intend to sell the Property” and are working to finalize a listing agreement with both KW Commercial and CBRE as the listing agents. The filing does not name a prospective buyer or give a formal asking price, and the property does not appear to have been publicly listed yet.
For residents who have watched Blackhawk Plaza struggle through vacancies, maintenance issues, tenant departures and months of bankruptcy-related uncertainty, the news could be the biggest sign yet that the center’s future may finally be changing.
Blackhawk Plaza opened in 1989 and has long served as the commercial heart of the Blackhawk area, with its Mediterranean-inspired buildings, restaurants, water features and the onsite Blackhawk Museum. Ramanujan Group bought the center in 2020 for roughly $38 million, according to recent reporting.
The new court filing states that the site was appraised at $57.38 million in 2023, with the owners’ attorneys saying brokers believe its value may now be higher. That is not necessarily a future sale price, however. The filing also says the property is subject to about $35.8 million in liens and has more than $657,000 in outstanding property taxes.
The planned sale comes after a difficult year for the plaza. Ramanujan Group filed for Chapter 11 bankruptcy protection on March 18, temporarily halting collections activity and foreclosure-related efforts involving the center. Its filing listed between $10 million and $50 million in liabilities.
Before the bankruptcy filing, lender Nano Banc had pursued action over an alleged default on a $5 million loan, and a judge had approved a receiver for the property. The latest status report says the receiver is expected to transition out as the bankruptcy case moves forward.
The mall’s problems have also been visible to shoppers. Draeger’s Market, one of Blackhawk Plaza’s best-known tenants, closed its East Bay location in January after 18 years, with owner John Draeger citing mounting vacancies, and other challenges at the mall.
A sale would not automatically mean Blackhawk Plaza is closing, being demolished or turning into housing. It could simply mean a new owner takes over and attempts to revive the retail center. Still, a change in ownership could eventually open the door to a more substantial repositioning of the property.
For now, Contra Costa County says it has not received an application to build housing or otherwise redevelop Blackhawk Plaza. The county has said it will post updates if that changes.
The next major milestone is a July 15 bankruptcy hearing. Attorneys for the owner have asked for roughly 90 more days to submit a full disclosure plan, citing delays in receiving financial information and transitioning away from the receiver.
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