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| Rendering of Repositioned Rossmoor Shopping Center, Walnut Creek, CA |
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| 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.
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| 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 | www.hfflp.com
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