Walnut Creek, CA — A big new retailer could be coming to Palos Verdes Mall, but it wouldn’t be taking over the vacant Rite Aid. Instead, the owners of the shopping center are actively marketing a separate piece of land at the corner of Pleasant Hill Road and Geary Road—one of the busiest intersections in the area—for what could become the mall’s newest large-scale addition.
According to a leasing brochure from Locke House, a commercial real estate firm, this newly available space is a “pad site,” meaning it’s a piece of undeveloped land within the mall property that could be leased out to a business looking to build its own structure. The available pad is roughly 23,000 square feet—larger than many standalone retail stores—and sits at a high-visibility corner where foot and car traffic are already strong.
Palos Verdes Mall currently includes about 95,000 square feet of retail space and is anchored by Lunardi’s Market and the now-closed Rite Aid.
While the Rite Aid space remains vacant, the new listing makes clear that the mall’s owners are focusing their attention on developing this additional parcel, in addition to repurposing the former pharmacy.
The brochure highlights the site’s appeal to major retailers. With over 105,000 people living within a three-mile radius and average household incomes near $200,000, the area is considered highly desirable for businesses. The mall is also just minutes from downtown Walnut Creek and major highways like I-680 and Highway 24, the brochure explains.
For businesses interested in the site, the property is being offered as a “ground lease.” That means a company could lease the land itself and build a custom store or facility on top of it, rather than renting space inside an existing building.
Monthly rent is listed at $3.50 per square foot, with additional maintenance and operating costs—known as “NNN” or triple-net charges—estimated at 52 cents per square foot. Those extra charges typically cover things like property taxes, insurance, and upkeep of common areas.
Given that we’re talking almost $100,000 per month in rent, the shopping center is clearly looking for a big tenant!
Smaller retail spaces are also available elsewhere in the center, ranging from around 2,200 to 2,800 square feet. But the focus of the listing is clearly on the opportunity to bring in a major new player to this prominent corner location.
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