Monday, March 6, 2017

HFF secures $35.75 million financing for repositioning of grocery-anchored retail center in the Bay Area

Rendering of Repositioned Rossmoor Shopping Center, Walnut Creek, CA

James Fowler
NEWPORT BEACH, CA, March 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $35.75 million in bridge financing for the repositioning of Rossmoor Shopping Center, a 106,281-square-foot, grocery-anchored retail center in the San Francisco Bay Area community of Walnut Creek, California.

HFF worked on behalf of the borrower, a partnership between Citivest Commercial LLC and Tallen Capital Partners, LLC to secure the three-year, floating-rate loan with two one-year extensions through Los Angeles-based balance sheet lender, Mesa West Capital.  Loan proceeds will be used to continue the upgrades and repositioning of the asset, which will be completed in late 2017 or early 2018.

Situated on 15.24 acres at 1900-1998 Tice Valley Boulevard, Rossmoor Shopping Center is located in one of the strongest trade areas in the nation and in a submarket of Walnut Creek with very limited retail competition. 

The center is situated at the intersection of Tice Valley Boulevard and Rossmoor Parkway, and more than 73,543 residents earning an average annual household income of more than $109,000 live within a three-mile radius of the center.

 Anchored by Safeway, the center is also home to a variety of national and local tenants, including CVS Pharmacy, JP Morgan Chase Bank, The UPS Store, US Bank and Wells Fargo. 

Wally Reid
The repositioning, which was unanimously approved by the city of Walnut Creek, will increase the square footage of Rossmoor Shopping Center to 133,576 by adding a new drive-through CVS building, three new outparcel buildings and slightly expanding in-line space along with upgrades to the façade.

The HFF debt placement team representing the borrower was led by managing director James Fowler and senior managing director Wally Reid.

“We were very excited to get the opportunity to assist in procuring financing for this outstanding project,” Fowler said. 

 “The business plan to upgrade the center was greatly enhanced by the partnership’s ability to retain and extend the Safeway and CVS leases, along with obtaining city approval allowing for a drive through for the drug store.  The center is well poised to enjoy substantial leasing success.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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