CBRE Global Home
   Search / Advanced Search
 
Employee Login
Careers
Contact Us
Site Map
Client Satisfaction Survey
Site Feedback
CBRE Worldwide
PROPERTY LISTINGS
SERVICE LINES
RESEARCH CENTER
OUR OFFICES
OUR PEOPLE
CLIENT TOOLS
ABOUT US
INVESTOR RELATIONS
      
Case Studies
  :: Asset Services
  :: Brokerage
  :: Investment Management
  :: Corporate Services
  :: Investment Brokerage/Agency
  :: Debt & Equity Financing
  :: Industrial
  :: Retail

Vintage Oaks at Novato ~
The Estate of James Campbell

The Challenge

In late 1995, CB Richard Ellis was retained to assist The Estate of James Campbell with their goal: Create a frequent shopping pattern that was consistent throughout the entire 600,000 square foot project ~ Vintage Oaks at Novato.

The Solution

Together, The Estate of James Campbell and CB Richard Ellis developed a strategic merchandising and leasing plan that involved reducing the number of small shop spaces, and pursuing national and regional tenants in the dominant use categories more appropriate for the area's demographics.

Through lease terminations of under-performing tenants and relocation of existing tenants, space was created for a new 30,000 square foot Ross Dress for Less to co-anchor the north end of the project along with the existing Macy's Home Furnishing store.  Additional tenants such as Motherhood Maternity, Clothestime and Starbucks were added.  Existing tenants Payless ShoeSource and an expanded SuperCrown were added to the north end of the project as well.

During the repositioning, two prime pad restaurants, Red Lobster and Olive Garden, closed down suddenly due to a company restructuring in California.  Within six months, two replacement tenants had been secured - Chevy's Mexican Restaurant and The Shane Company, a nationally recognised jewelry store chain.

To further strengthen the south end of the project that featured Target, Costco, Marshalls and Old Navy, CB Richard Ellis replaced a struggling fabric store with Party City and Shoe Pavilion, and added Ann Taylor Loft and Claire's Accessories.

The results are apparent.  The centre, now 99% occupied, draws repeat shoppers from Marin and southern Sonoma Counties.  Store volumes are up substantially.  Net operating income increased 50% within two years, and operating expenses have remained flat.

"Vintage Oaks in Novato, California demonstrates how to use demographics and merchandising to transform a community centre into an integrated retail project that serves a wide trade area."  ~ Anne Monaghan Kinney, President, Monaghan Communications

 
Last Modified:Saturday, January 26, 2002
© 2008 CB Richard Ellis / Disclaimer / Terms of use / Privacy Policy