"Trophy" Bay Area Re-Development or Re-Lease Opportunity
At-A-Glance
Sale Date: May 2025
Sale Price: $6,000,000
BLVD Real Estate Investment Co. Represented: Seller
Buyer: Developer
Notes: BLVD Real Estate Investment Co. represented the Owner in the sale of this vacant Walgreens site in downtown Lafayette, CA. BLVD procured many offers, ultimately selecting a developer who plans to re-entitle and redevelop the property into a residential townhome project. The sales price of $6,000,000 equates to a price per square foot (PSF) of $607, setting a new record PSF for a development site.
Opportunity
Rare “Trophy” Location in Downtown Lafayette, CA
For Lease or For Sale
Walgreens will be vacating this location at the end of 2024.
Current ownership is open to leasing or selling the property.
Contact Agents for more details.
Current NOI: $370,000 NNN Annually (Walgreens is vacating at end of 2024)
Land Use Summary:
· Zoning: P1 Planned Development Area
· Specific Plan: Downtown Specific Plan, Bart Block Subarea
· General Plan: Downtown Core
Allowable Uses: Residential, Mixed-Use, Retail, Office, Drive-Thru allowed with Land Use Permit
Core Development Standards:
· Residential Density: 35 DU/Acre Residential By Right, the City has stated they are open to reviewing development proposals up to 60 DU/Acre
· Height Limit: Above 35’ May be allowed (majority of site). Within 25’ of Mt. Diablo Blvd 3 stories / 35’. See Parcel Map for illustration.
· Other: Some ground floor retail may be required
· Transit Oriented Development: The property is immediately adjacent to the Lafayette BART Station, additional residential
development overlays may be applicable. Buyer to confirm.
Highlights
Lafayette Among America’s 25 Richest Cities - Lafayette is the 14th wealthiest community in the United States of America based on median household income and five-year estimates from the U.S. Census Bureau
Downtown Lafayette Redevelopment Opportunity along Mt Diablo Blvd with Rare On-Site Parking - The subject property sits on nearly 1 acre, with excellent street frontage and visibility along Mt Diablo Blvd and features on-site parking which is rare in the Downtown area
Top Retail, Shopping, Dining Hub within Lafayette - Mt Diablo Blvd is the main thoroughfare within Downtown Lafayette and features all the latest retail vendors, shopping, dining, mixed-use living, etc.
- Tenants in the immediate area include: Trader Joes, Whole Foods, Diablo Foods, Safeway, BevMo, CVS, Starbucks, Peets Coffee, Philz Coffee, Orangetheory Fitness, and many other high end boutique retail shops/dining and luxury condos/apartments/homes etc.
Rare Location within “BART Block” - Located immediately adjacent to the Lafayette BART station and within the “BART Block”, which allows for more favorable redevelopment opportunities
Major Re/Development Market - See more info, page 7, Major Developments Map
