ROSSMOOR TOWN CENTER | RETAIL REDEVELOPMENT

Rossmoor Retail Partners LLCWalnut Creek, CA

Safeway, CVS, Starbucks

Site
108,281 SF Redevelopment Project at acquisition
130,000 SFI upon completion

In 2012 Tallen Capital Partners (via Tallen & Keshen Holdings, LLC), Citivest Commercial, Inc. and a financial partner purchased the much sought after Rossmoor Shopping Center located in Walnut Creek, CA. Then in May 2016, Walnut Creek’s beloved Rossmoor Shopping Center received formal approval from the Walnut Creek Design Review Commission (DRC), the third of three approvals necessary to begin the Center’s dramatic redevelopment, destined to make it the heart of the surrounding community and influencer of shopping patterns. Previously the Partnership received unanimous support from the Walnut Creek City Council and the Walnut Creek City Planning Commission. The project may also include a Public Art component.

Tallen Capital Partners, LLC and Citivest Commercial, LLC, along with their institutional equity partner, are directing the redevelopment planning, construction, and leasing operations. Expected to take approximately 18 months, this phased redevelopment includes a refreshed facade, drive-through pharmacy, a new drive-thru pad, fashion-forward boutique shops and charming restaurants.

The revived center, celebrated its 50th anniversary in 2016, will be dotted with plazas for friends and family gatherings, hundreds of new trees, lush plantings, beautiful lighting, highly accessible parking and more. Groundbreaking took place in the fourth quarter of 2016 with the completion of the project expected in the third quarter of 2019. The new drive thru Starbucks is scheduled to open in the fall of 2018. The architectural design team is led by veteran Bay Area architect Norman Sears of SGPA’s San Francisco office.

Recent lease signings include:
• New long-term lease with Safeway, an existing tenant.
• New long-term lease with CVS Pharmacy, an existing tenant who will move to a new pad location that includes a drive thru for consumers’ convenience.
• A new long term lease with local Rossmoor retirement community stakeholders and realtors Intero/Better Homes & Gardens, and Dr. Gil Magelin, an existing tenant who will move to a new, completely renovated location.
• A long-term lease with Starbucks, a new 2,000 square foot prototypical store with a drive thru.

For more information, please contact Tallen Capital Partners at lsturdevant@tallenretail.com.