ROSSMOOR TOWN CENTER | RETAIL REDEVELOPMENT
Walnut Creek, CA
Safeway, CVS, Starbucks, Salons by JC, Chase Bank
Site: 108,281 SF Redevelopment Project at acquisition and 130,000 SFI upon completion
In 2012 Tallen Capital Partners, Citivest Commercial and an international institutional financial partner purchased the much sought after Rossmoor Shopping Center located in Walnut Creek, CA. Then in May 2016, Walnut Creek’s 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.
Tallen Capital Partners, LLC and Citivest Commercial, LLC are directing the redevelopment planning, construction, and leasing operations. 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 to be February of 2020. The new drive thru Starbucks is very popular with locals and visitors alike and has broadened the demographic reach of the shopping center. The project redevelopment, entitlements and leasing is led by Terrence Tallen, Dwight Belden and national grocery development executive Mark Salma. The architectural design team is led by veteran Bay Area architect Norman Sears of SGPA’s San Francisco office.
The new Rossmoor Shopping Center redevelopment is strategically located adjacent to the Rossmoor retirement community. The Rossmoor community consists of over 10,000 residents and accounts for roughly 14% of the total population of Walnut Creek. The Property is a necessity-based shopping destination for the residents there and draws consumers from numerous surrounding areas.
Lease signings include:
- New long-term lease with Safeway. Exterior Remodel planned for the summer of 2019.
- New long-term ground lease with CVS Pharmacy. The new CVS has a dual drive thru and is considered one of the better designed CVS buildings in California.
- New long term leases with local longstanding Rossmoor community stakeholders Intero Realty, Poppy Bank, Tice Valley Hair Salon, Sparklizing Cleaners and Dr. Gil Magelin, an existing tenant who has moved to a new, completely renovated state of the art medical facility.
- Long-term lease extension with Chevron. Chevron plans to add aExtraMile Convenience store and a car wash.
- A long-term lease with Starbucks, a new 2,000 square foot prototypical store with a drive thru.
A new lease with Salons by JC, a high end, full service salon suite concept which includes a dedicated and full-time Concierge who greets each visitor with a friendly smile. This Concierge service is what makes Salons by JC stand out among the rest. Salons by JC is the anchor of our new Main Plaza featuring outdoor dining in a relaxing park like setting. Salons by JC plans to open on January 17, 2020.
For project information, please contact Samantha Freeberg, Marketing Director Tallen Capital Partners at firstname.lastname@example.org
Rossmoor New Lease Signings
Tallen Capital Partners, in coordination with our Retail Services Division, Retail Investment Property Advisors, is proud to announce new lease signings at our renowned shopping center in the premier market of Walnut Creek. Through an ownership and brokerage approach, the team has been able to secure tenants that will maximize value to the ownership group, while strategically pursuing tenants that will contribute to the growing vibrance of the shopping center.
RIPA identified Crumbl Cookies as an ideal candidate to lease space at the Rossmoor Shopping Center. Through the grassroots approach, RIPA was able to secure a long-term lease with Crumbl Cookies, one of the increasingly popular brands in the retail landscape.
The 1,400 SF store is set to open near the end of 2022, and the dessert use will complement the existing food corridor that has been created at this portion of the Shopping Center.
The Napa Deli
Through a relationship developed from the existing Napa Tahoe project, Tallen Capital Partners worked with the small business to expand to their second location. The Napa Deli was founded by David and Kyle Barraza, who have helped grow the business into a highly successful operation, and they now operate the Mankas Grill in addition to the Deli.
The Napa Deli signed the lease last month to lease roughly 2,800 SF to operate both a deli and juice bar. The Napa Deli has started to enter the permitting stage of their business, and the store is expected to open in Q-2 of 2023. The opening of the Napa Deli will finalize the leasing of the 1970 building corridor, a food-oriented section of the center that will drive further traffic to the Rossmoor Shopping Center.