Transwestern Brokers Leases at Walnut Creek’s Lyric
- Jul 13, 2017
Transwestern has negotiated leases for Bank of the West and Drybar at Lyric, a mixed-use development in Walnut Creek, Calif. Managed by Berkshire Communities, the project will feature 18,000 square feet of ground-floor retail and 140 residential units, still under construction. Lyric is slated for full completion by fall.
Located at 1500 N. California Blvd., the project delivers retail space in shell condition. Hairstyling salon Drybar leased 1,684 square feet for its first East Bay location, which is expected to open later this year. Bank of the West relocated from downtown to a 2,784-square-foot space at Lyric and is now open for business.
Popular area for retail
The project is a short walk from Broadway Plaza, one of the most popular retail centers in the Bay Area, and two miles north of Rosmoor Shopping Center, which is undergoing a repositioning following the successful placement of a $35.8 million bridge loan. Lyric is located in an area with an annual average daily traffic of more than 25,000 vehicles (on California Boulevard) and intense pedestrian traffic on Locust Street and Bonanza Street. The property has easy access to Interstate 680 and benefits from a population of 210,000 within a five-mile radius. The area’s average household income is $86,500.
“The Lyric development offers a trendy, high-end retail opportunity with the additional feature of a public plaza with a park-like setting that patrons can also enjoy,” said Transwestern Senior Vice President John Sechser in prepared remarks. “The project checks all the boxes: on-site parking, location, visibility, convenience and destination.” Sechser is handling retail leasing together with Senior Managing Director Edward Del Beccaro.
Project owner Laconia Development placed a $44.5 million construction loan with Pacific Life Insurance Co. in 2014 and secured the building permit in February 2015, according to Yardi Matrix. The community will feature studios, one- and two-bedroom units. Other than on-site retail, property amenities will include a rooftop deck with resident lounge, outdoor lounge with fire pit, a fitness center and a clubhouse.
Rendering courtesy of Transwestern