Sterling Buys Bay Area Retail Center for $61M
This property previously traded for $34 million in 2012.
Sterling Organization has purchased Rossmoor Shopping Center, a 118,846-square-foot retail center in Walnut Creek, Calif., for $61.1 million.
Citivest sold the asset after 13 years of ownership, according to CommercialEdge information. Sterling financed the purchase with a $35.8 million loan from U.S. Bank.
The buyer purchased the asset on behalf of Sterling United Properties II LP, its $267 million equity fund. Following the Walnut Creek acquisition, the fund now owns 17 grocery-anchored retail properties totaling more than 1.2 million square feet.
Rossmoor Shopping Center, up close
Rossmoor Shopping Center previously traded in 2012, when Citivest acquired it for $33.9 million, the same source shows. Completed in 1966 at 1900-1998 Tice Valley Blvd., the retail center comprises eight buildings across a 13-acre site.
A 25,191-square-foot Safeway store and a 14,500-square-foot CVS pharmacy anchor the property. The tenant roster features as John Muir Health, Starbucks, Chase Bank, Wells Fargo Bank, Crumbl Cookie, Taco Bell, Mountain Mike’s Pizza, USPS, Salons by JC and UPS.
The retail property is near Interstate 680, which connects the property to Oakland, Calif., and San Francisco. The center serves a population of more than 70,000 individuals living within a 3-mile radius, with average household incomes of roughly $220,000 per year.
Grocery-anchored properties remain resilient in the current retail landscape, alongside fast food, beauty and sporting goods, a recent Datex report shows.
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