Purchase Price: $10,000,000
Lot Size: 2.10 AC
Year Built: 1956
Vacant Lot Size: 1.26 AC
Land Price (Combined):$68.31 psf
The Kase Group is proud to offer for purchase the Rheem Theater, Shops and adjacent High-Density Residential Land for Development in an affluent community in the East Bay of San Francisco. Located at 348-360 Park Street in Moraga, CA, the subject properties offer a developer the rare opportunity to acquire 1.26 acres of land and 22,901 square feet of theater and retail shop space situated on 2.10 acres of land. The particular sites benefit from excellent and exposure and access off of Rheem Boulevard which serves as a major arterial between Moraga and Orinda to access Highway 24 and BART. The Rheem Theater, Shops and Land are situated within the Rheem Valley Plaza with strong anchor retailers including TJ Maxx, Home Goods, CVS and Dollar Tree. Starbucks and the US Post Office are located within the Rheem Valley Shopping Center along with 24 Hour Fitness directly across the street.
The Seller has entered into a non-binding memorandum of understanding (MOU) with the Town of Moraga as of March 14th, 2018 to amend the General Plan and modify the current zoning designation of suburban office (SO) to allow for development of a high-density residential project which would include 48 units and two small ground floor commercial spaces. The MOU requests approval of a Conceptual Development Plan as well as General Development Plan by the Town of Moraga for Initial and Subsequent Land Use Entitlements. The Land Use Entitlements would proceed through the development process and effectively transfer all potential residential and other development rights from the Rheem Theater parcel to the Vacant parcel. The Town of Moraga will still require an environmental review and public hearing process in accordance with standard development requirements otherwise applicable under California law and the Town’s Municipal Code.
Please inquire within for specific detail regarding the MOU with the Town of Moraga.
Moraga (incorporating the former communities of Moraga Town, Rheem, and Rheem Valley)is a suburban incorporated town located in Contra Costa County, California, in the San Francisco Bay Area. It is named in honor of Joaquin Moraga, whose grandfather was José Joaquin Moraga, second in command to Juan Bautista de Anza. As of 2010, Moraga had a total population of 16,016 people.