CB Richard Ellis Retail Services partnered with Wells Fargo Bank to create a National Disposition Program. We swiftly assembled a team that consisted of a National Account Manager and 19 CB Richard Ellis professionals. In a quick developed and targeted plan of attack, our team announced 300 of the Wells Fargo Bank properties at the 1996 Las Vegas ICSC Conference - a key medium for showcasing nationally available properties. At that conference, the team met with more than 50 national retailers and investors. By the end of the year, CB Richard Ellis Retail Services had received more than 800 proposals for the 300 sites, and successfully disposed of more than 60% of the properties.
Debra Broido, Vice President of Wells Fargo's Corporate Properties Group, acknowledges CB Richard Ellis Retail Services' contribution: "During the last two years, the CB Richard Ellis team has done a tremendous job in assisting us with dispositions of properties. The merger with First Interstate Bank put a tremendous strain on our in-house staff and it would not have been possible to handle the challenge without CB Richard Ellis."
Our relationship with Wells Fargo Bank has since expanded to include the handling of both retail and office site acquisitions. By the end of 1998, we had managed the disposition of more than 85% of their surplus properties, exceeding our client's expectations. |