Bay Area Retail Center Repositioning On Track Following Loan
- Mar 15, 2017
Walnut Creek, Calif.—The Rossmoor Shopping Center in Walnut Creek is set for a repositioning following the successful placement of a $35.8 million bridge loan. HFF announced that it represented a partnership between Citivest Commercial and Tallen Capital Partners in securing the three-year, floating-rate loan with two one-year extensions through Mesa West Capital.
The partnership will use loan proceeds to carry out property improvements and continue its repositioning, with completion aimed for late 2017 or early 2018. The HFF debt placement team was led by Managing Director James Fowler and Senior Managing Director Wally Reid.
Located at 1900-1998 Tice Valley Blvd., Rossmoor Shopping Center occupies a 15.2-acre site and offers 106,281 square feet of space. The property is anchored by Safeway and features a tenant roster which includes names such as CVS Pharmacy, JP Morgan Chase Bank, The UPS Store, US Bank and Wells Fargo.
Rossmoor’s placement at the intersection of Tice Valley Boulevard and Rossmoor Parkway offers the center a position within an area with an average annual household income of more than $109,000. Ownership’s plans for the facility include increasing its capacity to 133,576 square feet through the addition of a new CVS building. Three new outparcel buildings and slightly expanding in-line space along some façade upgrades. The extension was designed by SGPA Architecture.
Rendering courtesy of SGPA Architecture