WALNUT CREEK, CA-CB Richard Ellis has been retained as the exclusive marketing advisor for Rossmoor Shopping Center, a 107,578-square-foot grocery anchored community center located in the highly affluent Northern California city of Walnut Creek. According to a CBRE broker involved in marketing the center, the asset will not be priced.
The broker points out that based upon recent transactions in the market and demand for this type of asset, “it is expected to sell at a price in excess of $40 million. The CBRE marketing team consists of sales professionals Don LeBuhn, David Noravian and Heath Kastner.
Currently approximately 88% leased, the center consists of a strong and diversified tenancy anchored by Safeway and CVS Pharmacy as well as financial institutions such as JP Morgan Chase, US Bank and Wells Fargo (51% of GLA) which serve the depository needs of the community.In addition the property presents an extremely rare value-add opportunity to reposition a grocery anchored center in the San Francisco Bay Area through existing tenant expansion and significant redevelopment, according to a prepared release.
CBRE could not disclose the seller’s identity to GlobeSt.com at this time, nor could they disclose reasons for selling. What they did say was that the seller is “a long term institutional owner.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
