August 3, 2012 (San Francisco, CA) – Rossmoor Retail Partners, LLC, a venture of Tallen & Keshen Holdings, Citivest Commercial and an account managed by BlackRock is pleased to announce its acquisition of the high profile Rossmoor Town Center. The 106,281 square foot project is located in the affluent East Bay suburb of Walnut Creek, CA and is currently anchored by Safeway and CVS. The future plans for this well located project include updating the anchor tenants and repositioning the property into a vibrant shopping center including a variety of new retailers, restaurants, medical office space and other amenities in order to best serve the needs of local residents and the surrounding communities.
Tallen & Keshen Holdings is a full service entrepreneurial retail and mixed use development and investment company with offices and properties on the West Coast and the Southwestern US. Tallen & Keshen Holdings is pleased to add this retail asset to their existing Northern California retail property portfolio. Founded by Terrence Tallen and Mary Anne Keshen with a combined commercial real estate experience comprising in excess of 55 years, Tallen & Keshen Holdings has established a distinguished track record in asset value creation, redevelopment, operations, innovative leasing and repositioning strategies for retail projects. Tallen & Keshen Holdings and Citivest are currently seeking additional value added redevelopment projects on a national basis. www.tallenkeshen.com.
Citivest Commercial is a full service real estate investment company with an established track record in acquisitions, development, asset repositioning and management. Based in Orange County and founded by Dana Haynes, Citivest Commercial expands the capabilities of the 30 year old real estate operating company that has acquired, developed, managed and sold hundreds of residential assets, primarily located in the Southwest and Pacific states, bringing together the expertise of its commercial real estate veterans. Tallen & Keshen Holdings and Citivest are positioned to take advantage of development or investment opportunities in these Western U.S. commercial markets. www.citivestcommercial.com.
Project leasing will be handled by Tallen & Keshen Holding’s wholly owned subsidiary Retail Enterprise Group, Inc. in cooperation with Bay Area brokerage firm, Terranomics Retail Services. Cassidy Turley San Francisco is the property manager.
Bank of America provided acquisition debt and Holiday Fenoglio Fowler represented the Buyer in the bank financing. The Seller was an institutional pension fund and was represented by the San Francisco office of CBRE.