tag:blogger.com,1999:blog-34127107885245893442024-03-13T21:24:10.346-07:00Marin Retail BuzzRetail and commercial real estate news and views from Marin County, CaliforniaNigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.comBlogger176125tag:blogger.com,1999:blog-3412710788524589344.post-66066072899420811772023-12-14T17:42:00.000-08:002023-12-14T17:42:28.518-08:00Hi Marin retail folks<p> Hey there! Sorry about the past ten years! Did I miss anything?</p><p>I'm thinking that I might need to update a few of these posts. Retailing in Marin ain't what it used to be!</p><p>Let me know in the comments if you've noticed anything new.</p>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-54598579684737308722013-12-12T09:55:00.000-08:002013-12-12T09:58:35.300-08:00Sprouts Farmers Market coming to Mill ValleyGreat news for Tam Valley residents: Mill Valley Patch reports that the long-vacant market at <a href="http://marinretailbuzz.blogspot.com/2009/04/up-junction.html" target="_blank">Tam Junction</a> is <a href="http://millvalley.patch.com/groups/mill-valley-chamber-of-commerce-blog/p/sprouts-farmer-market-to-move-into-former-delanos-space-in-tam-valley" target="_blank">soon to be occupied</a> by Sprouts Farmers Market. The store was previously occupied by DeLano's, who went out of business and <a href="http://marinretailbuzz.blogspot.com/2010/11/delanos-closing-in-tiburon-and-mill.html" target="_blank">closed the store in 2010</a>.<br />
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<a href="http://www.sprouts.com/" target="_blank">Sprouts </a>is a fast expanding chain of grocery stores that first expanded into Northern California in 2010. The focus is on fresh produce, with a range of conventional and organic lines, together with other basic grocery items. Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com2tag:blogger.com,1999:blog-3412710788524589344.post-77095451282744077242013-10-28T13:10:00.000-07:002013-10-28T13:10:18.464-07:00Dozens of new stores open in San Rafael (actually only one: Target)This weekend I went for a first look at the great new clothing store in San Rafael. Then I visited the new shoe store, and also checked out the new sporting goods store, the new toy store, home furnishings store, electronics store, music store, book store and cycle store. Oh, and then I picked up some groceries at the new grocery store and a few items at the new pharmacy, and took a well-earned rest at the new coffee shop.<br />
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Of course, as you have probably guessed, all these new stores are actually components of just one store, the gargantuan Target Supercenter, that now sits by the edge of San Rafael Bay next to that other great retail megastore, Home Depot. <br />
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And very pretty the new store looks too, with abundant plantings and brightly painted curbs in the car park, and a quite stunning vista overlooking the Bay, best appreciated from one of the comfy couches in the Starbucks concession.<br />
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Inside the store is shiny and bright and very familiar to anyone who has ever been in a Target store. The staff are friendly and efficient and the shelves are well stocked.<br />
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And because it is a Supercenter you can buy everything you need here, which is great news for those people in southern and central Marin that like shopping that way, but not so great news for the owners of other stores in the area whose sales will shrink as a result.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-87608451992441419092013-09-19T10:51:00.000-07:002013-09-19T10:51:12.778-07:00Paradise Foods opens at The Cove, TiburonParadise Foods has recently opened at The Cove Shopping Center in Tiburon. More than four years after the old DeLano's Market <a href="http://marinretailbuzz.blogspot.com/2009/02/delanos-vacates-downtown-tiburon.html" target="_blank">closed it's doors</a> the residents of 94920 have finally been rewarded for their patience. The store is light and airy, with Paradise Foods' characteristic hardwood floors, nicely-presented displays, and very smart checkout staff.<br />
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As with the other locations, expect to see most of the action around the deli counter and the excellent range of pre-prepared foods, including the great entrees that are made in the kitchen. This store also has a burrito bar.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com1tag:blogger.com,1999:blog-3412710788524589344.post-28884231981856940052013-04-19T12:36:00.001-07:002013-04-19T12:36:41.436-07:00Marin retail sales climb back above 2008 levelIt's taken a long time, but it looks like the retail sector in Marin has finally recovered from the recession. In April the 3-month rolling average 1% sales tax distributed in Marin County was $2.75M, the highest level for six years.<br />
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Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-84096572484475676662013-04-17T13:42:00.000-07:002013-04-17T13:46:11.901-07:00Confirmed: Fresh & Easy's owners will sell and exit<a href="http://4.bp.blogspot.com/-RHuhdpDuSuY/UW8J-tIw7UI/AAAAAAAAB4U/07iv6zSo3rw/s1600/images.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="181" src="http://4.bp.blogspot.com/-RHuhdpDuSuY/UW8J-tIw7UI/AAAAAAAAB4U/07iv6zSo3rw/s200/images.jpg" width="200" /></a>Fresh & Easy, the West Coast US small-format market, is to be sold. As expected, the store's British owners, supermarket giant Tesco, have decided to cut their losses and exit the US. An announcement today on the store's website stated:<br />
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<span style="background-color: white; color: #858585; font-family: Helvetica, Arial, sans-serif; font-size: 13px; font-weight: bold; line-height: 24px;">As many of you have heard or read today, our parent company Tesco updated on the future of Fresh & Easy. While we don’t yet know who our new owner will ultimately be, Tesco has already received interest from a number of parties including groups looking to purchase Fresh & Easy as an operating business. We appreciate all the support and love we’ve received from our loyal customers and even though our parent company plans to leave the US, we’re pleased to confirm there are no plans to close any portion of Fresh & Easy.</span></blockquote>
Fresh & Easy had bad luck from the start, launching the operations in southern California, Arizona and Nevada just as these areas were being impacted by the housing crisis and recession. . As they aggressively rolled out the concept, they made poor real estate decisions that resulted in store locations in the wrong areas for their target demographic. The concept was different from their competitors, but not in a way that appealed to customers. The use of self-checkouts and the heavy reliance on obscure or home brands were not popular with US shoppers.<br />
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The chain had just begun its expansion into the Bay Area when it announced its review of operations last year. Plans for its<a href="http://marinretailbuzz.blogspot.com/2012/03/fresh-easy-to-open-at-cove-tiburon.html" target="_blank"> first Marin store </a>at the Cove Shopping Center in Tiburon were hastily abandoned (the site is now to be occupied by local operator Paradise Foods).Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-75897029191286937872012-08-29T14:45:00.000-07:002012-08-29T14:45:01.750-07:00Is Safeway eyeing Larkspur?<br />
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<a href="http://lillabeebaking.com/wp-content/uploads/2011/01/luckys-image-copy.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="99" src="http://lillabeebaking.com/wp-content/uploads/2011/01/luckys-image-copy.jpg" width="320" /></a>It passed under the radar earlier this year, but the ownership of the property currently occupied by Lucky's Market in downtown Larkspur changed hands in March. The new owner, who picked up the property for just $4.0 million, is Vons, otherwise known as Safeway. </div>
<br />Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com1tag:blogger.com,1999:blog-3412710788524589344.post-37324213901535177282012-08-10T12:27:00.000-07:002012-08-10T12:27:26.479-07:00What's holding back Marin's retail recovery?Growth, or the lack of it, in retail sales, and what it says about the economy, is in the news again, with strong growth in sales reported in some sectors and weak performance in others. During the recession, <a href="http://ycharts.com/indicators/retail_sales" target="_blank">total US retail sales </a>fell from $340bn in 2008 to $295bn in 2009, then recovered back to pre-recession levels in early 2011, growing further to $360bn in April 2012. However, total sales have fallen in the last three months as the economy slows and consumers cut back on spending.<br />
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<a href="http://3.bp.blogspot.com/-g8BvNDDiKc4/UCVMkzeCpFI/AAAAAAAAB00/YMBnJ3oFXCU/s1600/sales+tax+8-12.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="http://3.bp.blogspot.com/-g8BvNDDiKc4/UCVMkzeCpFI/AAAAAAAAB00/YMBnJ3oFXCU/s400/sales+tax+8-12.png" width="400" /></a></div>
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In Marin County, the recovery has not fully materialized. Based on retail sales tax data from the State Board of Equalization (see chart at right), retail sales in 2012 are tracking above 2011, but are still below 2008.<br />
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In this respect, Marin is out of line with most of the Bay Area.<br />
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<a href="http://4.bp.blogspot.com/-EMM9lRFaTxI/UCVT-IjgfFI/AAAAAAAAB1I/Y2KCQlMlm08/s1600/sales+tax+counties+8-12.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="265" src="http://4.bp.blogspot.com/-EMM9lRFaTxI/UCVT-IjgfFI/AAAAAAAAB1I/Y2KCQlMlm08/s400/sales+tax+counties+8-12.png" width="400" /></a><br />
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Looking at retail sales tax growth since March 2010, which was when retail sales started to recover, Marin, and to some extent Sonoma, are lagging behind the major Bay Area counties and California as a whole.<br />
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What is holding back the recovery in Marin? Below are some possible reasons:<br />
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<a href="http://3.bp.blogspot.com/-IPT1VpcE8AM/UCVXkztjX0I/AAAAAAAAB1c/jZQ3MLBYbFs/s1600/Personal+income.png" imageanchor="1" style="clear: right; display: inline !important; float: right; margin-bottom: 1em; margin-left: 1em; text-align: center;"><img border="0" height="221" src="http://3.bp.blogspot.com/-IPT1VpcE8AM/UCVXkztjX0I/AAAAAAAAB1c/jZQ3MLBYbFs/s400/Personal+income.png" width="400" /></a><br />
1. On the demand side, consumer spending has not recovered. Marin took a big hit from the recession. Total personal income in Marin County fell by over 13% in 2009, a much steeper drop than elsewhere in the Bay Area. Data beyond 2010 is not yet available, but it's very possible that income growth in Marin has yet to fully recover, which would help explain continued retail weakness.<br />
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2. On the supply side, tight market conditions have restricted the ability of new and innovative retail formats to start up and grow in Marin. In a recovery, consumers often need to be tempted to open their pocketbooks and start spending again, and that temptation is best provided by new and fresh retail formats. Marin County has one of the lowest retail vacancy rates in California, and also higher than average rents, which means it's tough for retailers to find high quality and affordable space.<br />
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3. Internet shopping. The growth of electronic commerce continues to impact traditional retailers, almost killing off whole categories, such as books and music, and cutting into the margins of others. In the US, online retailing is growing at an <a href="http://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf" target="_blank">average annual rate of over 15%</a>. It is very possible that Marin's combination of high average incomes and limited retail supply make online shopping a significantly attractive option.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com1tag:blogger.com,1999:blog-3412710788524589344.post-48708751159454591772012-08-03T16:41:00.002-07:002012-08-03T16:41:39.322-07:00Nordstrom and Splendid preparing new space at The Village Corte Madera<a href="http://3.bp.blogspot.com/-I2_a67-FX48/UBxda3-hTsI/AAAAAAAAB0c/hW64UlQdtvU/s1600/nords.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="http://3.bp.blogspot.com/-I2_a67-FX48/UBxda3-hTsI/AAAAAAAAB0c/hW64UlQdtvU/s320/nords.JPG" width="320" /></a>While I was checking out the upcoming Microsoft store at The Village yesterday I took a look at the remodeling of Nordstrom, which appears to be quite a significant piece of work.<br />
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As you can see from the photo, two sides of the building have been torn off. Amazingly, the store remains open, with approximately 75% of the internal area open and trading. As <a href="http://marinretailbuzz.blogspot.com/2012/01/nordstrom-approved-for-17000-sf.html" target="_blank">approved</a>, the remodeled store will be slightly larger than the previous version, with two levels of approx. 64,000 sq.ft. each.<br />
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<a href="http://4.bp.blogspot.com/-qXZ3P-C3GdQ/UBxe2amyp7I/AAAAAAAAB0k/UnPuQxtWrAA/s1600/splendid.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="http://4.bp.blogspot.com/-qXZ3P-C3GdQ/UBxe2amyp7I/AAAAAAAAB0k/UnPuQxtWrAA/s320/splendid.JPG" width="320" /></a></div>
Another new store being fitted out is <a href="http://www.splendid.com/" target="_blank">Splendid</a>, a J Crew-ish style apparel retailer with a small chain of outlets - this will be its first Northern California location. Splendid will fit in with the Michael Stars / Madewell / Tommy Bahama vibe at this end of the mall, and is taking the space previously home to Lacoste. The Puma / Lacoste experiment with sports apparel never really worked at this mall, so no surprise to see the managers revert to more conservative upper-mid market brands.<br />
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<br />Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-50894825957596022022012-08-02T15:43:00.003-07:002012-08-02T15:43:53.654-07:00Will the Microsoft Store be a hit at The Village<a href="http://2.bp.blogspot.com/-Qozqb2kfZlc/UBr5JGuNCAI/AAAAAAAABz8/NRLCyCchvWE/s1600/micro2.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="http://2.bp.blogspot.com/-Qozqb2kfZlc/UBr5JGuNCAI/AAAAAAAABz8/NRLCyCchvWE/s320/micro2.JPG" width="320" /></a>Microsoft is pulling out all the stops to make a big impression with its new store at The Village Corte Madera.<br />
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Currently under construction and surrounded by an enormous billboard, the store will occupy the space formerly leased to Pottery Barn Kids, and will be almost twice as large as the center's Apple store, comparisons to which we can expect to see in abundance.<div>
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Electronics retailing is facing huge changes these days. At one end we have the unparalleled success of the Apple Store, while at the other, the once unbeatable Best Buy is struggling in the face of competition from online retailing. Microsoft is of course aiming to position itself alongside Apple, and is making every effort to mimic the Apple store in terms of appearance, location and store layout. The one area Microsoft can't mimic Apple is merchandising, and many observers believe this may be its downfall.The Apple Store's success is tied to its brand, and the popularity of the Apple brand has allowed the Apple store network to grow with massive profitability, much in the same way other retail brands, such as GAP and Starbucks have done. </div>
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We go to the Apple store because the iMac, the iPhone and the iPad are hugely popular and desirable items. What equivalent products does Microsoft have to offer? I had to go on their website to find out. The key products appear to be a Windows Phone, the Xbox game console, and a collection of laptops from various manufactures featuring Windows software. There's also a tablet called Microsoft Surface that's due to be released next month. Will die-hard Microsoft junkies be lining up at the store at midnight the day before it's release? I somehow doubt it. But I'll be curious to see how well the store does.</div>
</div>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-91898867652066943632012-03-09T15:55:00.000-08:002012-03-09T16:02:07.634-08:00Fresh & Easy to Open at The Cove TiburonIt has <a href="http://marinretailbuzz.blogspot.com/2011/07/waiting-for-tenant-at-cove-shopping.html" target="_blank">been a long time coming</a>, but at last a new tenant has signed up for the space vacated by DeLano's at The Cove Shopping Center in Tiburon. And it's a new grocer for Marin, too. <a href="http://www.freshandeasy.com/" target="_blank">Fresh & Easy </a>is the US offshoot of British supermarket giant Tesco, and has been steadily opening stores and spreading across California and beyond for the last five years.<br />
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The <a href="http://www.marinij.com/tiburonbelvedere/ci_20132354/fresh-easy-open-tiburons-cove-shopping-center?source=most_viewed" target="_blank">Marin IJ </a>asked the obvious question of whether the retailer was thinking of pursuing any other Marin locations:<br />
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<span style="font-family: inherit;">In addition to the Tiburon site, Fresh & Easy is pursuing a former DeLano's site in the Mission district of San Francisco, one of five Bay Area DeLano's stores — including Tiburon and Tamalpais Valley — that closed in late 2010. Wonnacott would not confirm whether the company is interested in the Tamalpais Valley site. "We're looking at other sites in Marin County but nothing specific to speak of at this point," he said. "Any time something becomes available and it's in an area we'd like to get a store in, we'll take a look at it," he added.</span></blockquote>
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With Peets approved to open in the old Blockbuster store, the future suddenly looks a lot better for Sweet Things, Hearts & Flowers and the other tenants at the center who have had to survive the last couple of years without an anchor store.</div>
Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-72002640701275018022012-01-20T16:11:00.000-08:002012-01-20T16:12:02.238-08:00Marin retail sales bounce backAfter dragging along in a recessionary style for much of the year, retail sales in Marin got a very welcome boost upwards at the start of the holiday season. Distributions of the 1% sales tax to Marin's cities increased sharply to just over $3.2million in December, the highest monthly total since February 2008.<br />
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<br />Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-49533242177882720002012-01-20T15:53:00.000-08:002012-01-20T15:53:42.514-08:00Nordstrom approved for 17,000 sf expansionThe Town of Corte Madera has <a href="http://www.marinij.com/business/ci_19769455" target="_blank">approved</a> Nordstrom's plans for a 17,000 square foot expansion of it's store at The Village Corte Madera. The expansion will occur largely within the footprint of the existing store, which will be reconfigured to provide approximately 64,000 sf over 2 levels. The store currently has 70,000 sf on the first level and 40,000 sf on the upper level.<br />
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At the other end of The Village, Macys is working on plans to expand by approximately 20,000 square feet.<br />
<br />Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-87173234028802428942012-01-20T15:31:00.000-08:002012-01-20T15:32:10.888-08:00New CVS in Tiburon<div class="separator" style="clear: both; text-align: center;">
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Construction in progress on the new CVS in Tiburon. </div>
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<a href="http://1.bp.blogspot.com/-xNaoeDKC6Lg/Txn45JlhzsI/AAAAAAAABzI/9ZIvLFiokYg/s1600/tib+cvs3.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="220" src="http://1.bp.blogspot.com/-xNaoeDKC6Lg/Txn45JlhzsI/AAAAAAAABzI/9ZIvLFiokYg/s400/tib+cvs3.JPG" width="400" /></a>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-75983144201145799922011-12-20T12:40:00.000-08:002011-12-21T10:27:44.420-08:00Peets eyes Tiburon for new store, while CVS pushes forwardPeets Coffee and Tea has <a href="http://www.marinij.com/tiburonbelvedere/ci_19556702" target="_blank">received planning approval</a> for a new store in the Cove Shopping Center in Tiburon. The coffee shop will take the space previously occupied by Blockbuster. Retailers at the local shopping center <a href="http://marinretailbuzz.blogspot.com/2011/07/waiting-for-tenant-at-cove-shopping.html" target="_blank">have been struggling </a>since the departure of first <a href="http://marinretailbuzz.blogspot.com/2010/11/delanos-closing-in-tiburon-and-mill.html" target="_blank">DeLano's </a>market and then Blockbuster video earlier this year.<br />
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While Peets will draw a lot more traffic to the center, the <a href="http://www.marinij.com/tiburonbelvedere/ci_19533224" target="_blank">news is double-edged</a> for Sweet Things bakery, which has a robust coffee business, and Hearts and Flowers, which also sells coffee. As reported in the IJ:<br />
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<blockquote class="tr_bq">Marsha Laske, who has co-owned Sweet Things for nearly 35 years, said coffee represents about 15 percent of her business, but she worries Peet's could also cut into her sales of baked goods. "I would not think it would be so good for either of us, quite frankly, when you have a very small population in a very small area where you have two businesses that are almost identical," Laske said.</blockquote><br />
Meanwhile, in downtown Tiburon, the new CVS drug store is moving forward, though not without ruffling the feathers of a few local residents, who are objecting to the store's large illuminated sign. As reported in <a href="http://www.thearknewspaper.com/" target="_blank">the Ark</a>:<br />
<blockquote class="tr_bq"><span style="font-family: 'Trebuchet MS', sans-serif;"><span style="background-color: white; line-height: 13px; text-align: left;">More than 125 Belvedere and Tiburon residents have signed a petition demanding that CVS/pharmacy not be allowed to have a large, illuminated plastic marquee sign above the store.</span><br style="background-color: white; line-height: 13px; text-align: left;" /><span style="background-color: white; line-height: 13px; text-align: left;">The online petition drive was launched by Marcia McGovern of Belvedere, who earlier expressed her ire over the town's decision to allow CVS to remove the row of mature stone pine trees along their Beach Road and Tiburon Boulevard frontage.</span><br style="background-color: white; line-height: 13px; text-align: left;" /><span style="background-color: white; line-height: 13px; text-align: left;">"A 21-foot-long and 3-foot-high illuminated, red plastic, 'marquee' sign … is not in keeping with the small-town character and charm of Tiburon and should not be allowed," her petition language reads.</span></span></blockquote>Disgruntled residents aside, the town of Tiburon can't wait to get these new stores up and open. Tiburon has by far the poorest performing retail sector in Marin County, with sales tax revenues down 38% since 2008.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-58853743406676470182011-11-04T11:43:00.000-07:002011-11-04T11:43:10.434-07:00Marinwood Market opens for business<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-S6Js4Zj0dVw/TrQtLXl5seI/AAAAAAAAByY/AUuGG9wuz8s/s1600/mm6.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="http://2.bp.blogspot.com/-S6Js4Zj0dVw/TrQtLXl5seI/AAAAAAAAByY/AUuGG9wuz8s/s320/mm6.JPG" width="320" /></a></div>There's something very satisfying about the opening of a new locally owned business. And when that business is a supermarket in these times of economic uncertainty and chain store dominance it's even more satisfying.<br />
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Marinwood Market is not a totally new business - it's actually a transplant of the old <a href="http://marinretailbuzz.blogspot.com/search/label/Boardwalk%20Center" target="_blank">Boardwalk Market</a> in Tiburon. But it's a new location and a new larger 15,000 sq.ft store for the owners and the transplanted staff.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-exve5zmcrgk/TrQtqxozQKI/AAAAAAAAByg/QN6XrcMo2p8/s1600/mm5.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="http://3.bp.blogspot.com/-exve5zmcrgk/TrQtqxozQKI/AAAAAAAAByg/QN6XrcMo2p8/s320/mm5.JPG" width="320" /></a></div>It takes many years for a grocery store to establish its reputation and customer loyalty in a new location, but the Marinwood Market can count on a lot of good will from the local community, which has been without a local market for more than five years since Marinwood Plaza's Bell Market closed.<br />
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More photos of the new store and the renovation are on the store's <a href="http://www.facebook.com/pages/Marinwood-Market/188158824552427" target="_blank">Facebook </a>page.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-NpcoqDyOYBM/TrQtrgJ6KVI/AAAAAAAAByw/uNpATB-gvUg/s1600/mm2.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="http://4.bp.blogspot.com/-NpcoqDyOYBM/TrQtrgJ6KVI/AAAAAAAAByw/uNpATB-gvUg/s320/mm2.JPG" width="320" /></a></div>As can be seen from these photos, the new store is bright and spacious and fairly well stocked, with just a few gaps still waiting to be filled. The produce and deli sections are modest but nicely presented and appropriate for a store of this size.<br />
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When I visited the store was quiet - but it was a midweek afternoon, so no surprise.<br />
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Overall a great improvement from <a href="http://marinretailbuzz.blogspot.com/2009/11/sad-saga-of-marinwood-plaza.html">two years ago</a>, when it seemed the Plaza would never recover.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-8E66bK2tzx0/TrQtrasu7yI/AAAAAAAAByo/8O-k-lS4yks/s1600/mm1.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="http://4.bp.blogspot.com/-8E66bK2tzx0/TrQtrasu7yI/AAAAAAAAByo/8O-k-lS4yks/s200/mm1.JPG" width="150" /></a></div>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-15412733501783481892011-10-06T11:05:00.000-07:002011-10-06T11:05:13.371-07:00Marin Gateway Shopping Center lands a buyer (really this time)<a href="http://3.bp.blogspot.com/-IcTzjF0Qo6A/To3sl1gik6I/AAAAAAAABxw/KmjcukbMK7M/s1600/Marin+City+Aerial+Close.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="244" src="http://3.bp.blogspot.com/-IcTzjF0Qo6A/To3sl1gik6I/AAAAAAAABxw/KmjcukbMK7M/s320/Marin+City+Aerial+Close.jpg" width="320" /></a>The <a href="http://www.bizjournals.com/sanfrancisco/news/2011/10/05/marin-gateway-sells-for-36m.html?ana=twt">San Francisco Business Times</a> reports that the Gateway shopping center in Marin City has been sold to an affiliate of the <a href="http://www.gerritygroup.com/">Gerrity Group</a> for $36 million. The center was sold by the Bay Area Council, and was previously <a href="http://marinretailbuzz.blogspot.com/2010/10/marin-gateway-is-gonna-be-big.html">reported as sold</a> to a joint venture between Developers Diversified and BIG Shopping Centers, although this sale failed to finalize.<br />
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From the SFBT:<br />
<span class="Apple-style-span" style="background-color: white; color: #242424; font-size: 14px; line-height: 20px;"></span><br />
<blockquote style="font-family: Tahoma, Helvetica, Arial, sans-serif;">"Gerrity Group was formed to acquire well-located shopping centers where it can add value and create additional quality by investing in capital improvements, operations and management," (Dan Wald of Cassidy Turley) said in a statement.<br />
A year ago, reports surfaced that a joint venture of The BIG group, an Israeli company, and Developers Diversified, a U.S. real estate investment trust, were <a href="http://marinretailbuzz.blogspot.com/2010/10/marin-gateway-is-gonna-be-big.html" style="color: #1e79e9; text-decoration: none;" target="_blank">going to buy Marin Gateway for $36 million</a>. The property was first put up <a href="http://marinretailbuzz.blogspot.com/2010/04/marin-city-shopping-center-for-sale.html" style="color: #1e79e9; text-decoration: none;" target="_blank">for sale in April 2010</a>.<br />
Wald said that BIG put out its press release about the deal while still in the due diligence phase, and that Developers Diversified chose not to move forward with the deal after the due diligence.<br />
"That was unfortunate, because (BIG) announced the price, and that created a ceiling," Wald said</blockquote><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #444444; font-size: 14px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 20px; padding-left: 0px; padding-right: 20px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: inherit;">Congratulations to the new owners. They have a little work to do to lease up several remaining vacant stores.</span></div>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-29741739247326410042011-10-05T16:11:00.000-07:002011-10-05T16:11:24.704-07:00Marin retail sales hit by economic worriesFears that the economy is <a href="http://blogs.wsj.com/marketbeat/2011/10/05/recession-in-2012-history-suggests-there-could-be/">sliding back into recession</a> have had a negative impact on retail sales in Marin County. According to data released by the State Board of Equalization, just $2.6 million in sales tax distributions were made to cities in Marin in September. That total represents a fall of 6.5% over September 2010, and is also 3.9% less than the September total in the depths of the 2009 recession.<br />
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As the chart below shows, the rolling 3-month average for 2011 is tracking an almost identical path to 2008. Does this mean 2012 will turn out to be another 2009? Let's hope not.<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-z-54NOVfGOc/TozjB3tDboI/AAAAAAAABxk/F-JAmW2Hb1M/s1600/sept-11.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="183" src="http://1.bp.blogspot.com/-z-54NOVfGOc/TozjB3tDboI/AAAAAAAABxk/F-JAmW2Hb1M/s320/sept-11.jpg" width="320" /></a></div>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-33484153621445409492011-07-12T11:00:00.000-07:002011-07-12T11:00:32.498-07:00Woodlands open at the Boardwalk, as the Boardwalk moves north to become the MarinwoodKeeping track of all the grocery stores in Marin is quite the challenge. In Tiburon, the <a href="http://www.facebook.com/pages/Boardwalk-Market/123274317691256">Boardwalk Market,</a> a 25-year veteran of the <a href="http://www.youtube.com/watch?v=zsgUvzWNzzE">Boardwalk shopping center</a>, closed its doors at the end of April this year. Less than a month later, with a few cosmetic changes to the building, the property re-opened as Woodlands Market.<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-NIxYaDVXK1k/ThyLigSKxpI/AAAAAAAABxI/h3ic5WraFNw/s1600/photo+%252828%2529.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="http://1.bp.blogspot.com/-NIxYaDVXK1k/ThyLigSKxpI/AAAAAAAABxI/h3ic5WraFNw/s400/photo+%252828%2529.JPG" width="400" /></a></div>Meanwhile the old Boardwalk Market has <a href="http://marinretailbuzz.blogspot.com/2011/02/boardwalk-market-likes-marinwood-plaza.html">migrated northwards</a> to Marinwood, where renovation of its new home at Marinwood Plaza is taking place, with a September opening planned. The new store will be twice as large as the old Tiburon store, and will be renamed <a href="http://www.facebook.com/pages/Marinwood-Market/188158824552427">Marinwood Market</a>. Not to be confused with the <a href="http://www.facebook.com/marinwoodcommunityfarmersmarket">Marinwood Farmers Market</a>, which operates every Saturday at the Plaza.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-86637151782457916402011-07-11T13:38:00.000-07:002011-07-11T13:38:47.019-07:00Waiting for a tenant at the Cove Shopping Center in TiburonWith both DeLano's and Blockbuster now gone, the Cove Shopping Center in Tiburon is looking somewhat deserted these days. Meanwhile, the small stores at the center are holding on, waiting for things to improve.<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-HP9xu8XwIbM/ThtdRjVT83I/AAAAAAAABw8/VIZ_pbR0P9o/s1600/photo+%252825%2529.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="http://4.bp.blogspot.com/-HP9xu8XwIbM/ThtdRjVT83I/AAAAAAAABw8/VIZ_pbR0P9o/s320/photo+%252825%2529.JPG" width="320" /></a></div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-nE1mhUspQdg/ThtdS0SmU7I/AAAAAAAABxA/of0f4qVuXag/s1600/photo+%252826%2529.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="http://4.bp.blogspot.com/-nE1mhUspQdg/ThtdS0SmU7I/AAAAAAAABxA/of0f4qVuXag/s320/photo+%252826%2529.JPG" width="320" /></a></div>I'm sure it's only a matter of time before one the region's expanding markets, such as <a href="http://www.sunflowermarkets.com/">Sunflower Farmers Market</a>, or <a href="http://www.freshandeasy.com/">Fresh 'n Easy</a>, leases the grocery store.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-5795803314104887872011-07-11T11:38:00.000-07:002011-07-11T11:40:10.053-07:00Bliss Home Design at Strawberry VillageFirst look at <a href="http://blisshomeanddesign.com/Bliss_Home_%26_Design/HOME_Bliss_Home_%26_Design.html">Bliss Home Design,</a> which opened recently in the old Smith & Hawken space at Strawberry Village. Clearly a great place to stock up on statues, chandeliers, over-sized everything, and horses' heads.<br />
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<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-XWTq54CRNYY/ThtB1GMf2TI/AAAAAAAABww/3vcUVGZRG2I/s1600/photo+%252832%2529.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><img border="0" height="320" src="http://2.bp.blogspot.com/-XWTq54CRNYY/ThtB1GMf2TI/AAAAAAAABww/3vcUVGZRG2I/s320/photo+%252832%2529.JPG" width="240" /><a href="http://2.bp.blogspot.com/-S390Kjoo0z8/ThtBzhYyWOI/AAAAAAAABws/X3UIL1fMcZY/s1600/photo+%252831%2529.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://2.bp.blogspot.com/-S390Kjoo0z8/ThtBzhYyWOI/AAAAAAAABws/X3UIL1fMcZY/s320/photo+%252831%2529.JPG" width="240" /></a><a href="http://1.bp.blogspot.com/-mVEiZq2utpA/ThtBx4F_guI/AAAAAAAABwo/9vp1BFVmSOo/s1600/photo+%252834%2529.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://1.bp.blogspot.com/-mVEiZq2utpA/ThtBx4F_guI/AAAAAAAABwo/9vp1BFVmSOo/s320/photo+%252834%2529.JPG" width="240" /></a><a href="http://3.bp.blogspot.com/-dPSV4_VNMgs/ThtB2e8AB7I/AAAAAAAABw0/-akbv-w_V5A/s1600/photo+%252833%2529.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="http://3.bp.blogspot.com/-dPSV4_VNMgs/ThtB2e8AB7I/AAAAAAAABw0/-akbv-w_V5A/s320/photo+%252833%2529.JPG" width="320" /></a></div>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-28705463212448157522011-07-06T12:14:00.000-07:002011-07-06T12:15:26.672-07:00Slow recovery for retail sales in MarinAs the national economy teeters between recovery and <a href="http://www.nytimes.com/2010/06/12/business/economy/12econ.html">falling back into recession</a>, retail sales in Marin continue to show a slow and steady improvement. The 1% retail sales tax distributed to cities in Marin averaged $2.38 million over the three months to June, an increase of 7.6% over the same period in 2010, and 16.5% up on the same period in 2009. The question now is how long will it take retail sales to catch up with the level seen in 2008?<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-u7dclJmm-ww/ThSzbNWdMrI/AAAAAAAABwc/8jp1M5Wx1XY/s1600/jun-11.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="230" src="http://2.bp.blogspot.com/-u7dclJmm-ww/ThSzbNWdMrI/AAAAAAAABwc/8jp1M5Wx1XY/s400/jun-11.jpg" width="400" /></a></div>Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-64419556940454775032011-04-06T17:08:00.000-07:002011-04-06T17:08:50.476-07:00San Rafael Target gets the green light from Community Impact StudyThe <a href="http://www.cityofsanrafael.org/Government/Community_Development/Target.htm">Community Impact Study</a> for the proposed Target store in San Rafael was released today, and essentially clears the way for the City to approve the project, finding that the impact on existing retailers will be minimal.<br />
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<ul><li>The study estimated that the highest impact would be on San Rafael retailers in the food and drug categories, with a decline in sales of just 2.9%.</li>
<li>In addition, the Target store is estimated to create 164 net new jobs and provide a net annual tax increase to San Rafael of $646,000.</li>
<li>The consultant's review of case study cities found that there were no store closures directly related to the opening of a Target store, and that generally downtown retailers adapted to the increased competition.</li>
</ul><br />
It's not hard to see that the report was written in order to support the proposed store. The primary reason for the absence of impact in the consultant's analysis is given in the Executive Summary:<br />
<blockquote>"An analysis of retail sales compared to resident demand shows significant under supply, or retail leakage, in General Merchandise retail stores, both within San Rafael and in southern Marin County"</blockquote>It appears that the consultants reached this conclusion by comparing the pattern of retail sales in central/southern Marin, where General Merchandise stores (i.e. Big Box stores) account for approx. 10% of retail sales, to the average for California, where Big Box stores get around 18% of sales. When you look at it like this, it is then logical that there is "unmet demand" for these types of stores, and hence that the proposed Target would be satisfying this unmet demand rather than transferring sales from existing stores in the area.<br />
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I'll let you decide on whether that makes sense. Meanwhile I'll read the rest of the report.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-3920028926489707022011-04-05T09:49:00.000-07:002011-04-05T09:49:31.186-07:00San Rafael Target debate heats up pending release of Community Impact Report<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-ft9jWteg9S4/TZtHrdGKhNI/AAAAAAAABv8/z7c8FoEqzZg/s1600/target.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://1.bp.blogspot.com/-ft9jWteg9S4/TZtHrdGKhNI/AAAAAAAABv8/z7c8FoEqzZg/s1600/target.jpg" /></a></div>The much-publicized and much-anticipated Community Impact Report for the proposed Target store in San Rafael is <a href="http://www.cityofsanrafael.org/News_Section/Target_Community_Impact_Report.htm">due to be released</a> Wednesday April 6.<br />
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In preparation, both sides are firing up their engines and preparing to do battle. <a href="http://www.marinij.com/marinnews/ci_17771637?source=most_viewed">Opponents gathered</a> outside San Rafael City Hall yesterday to protest the store's low wages and use of nonunion labor. And Target stated its case with a <a href="http://www.marinij.com/opinion/ci_17753882?source=most_emailed">piece in the Marin IJ</a> that emphasized job creation, sustainability and consumer choice.<br />
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The "No" camp seems to be winning the social media war: the <a href="http://www.facebook.com/pages/Target-in-San-Rafael-Heck-NO/168670683162931">"Heck No"</a> opponents have 254 Facebook likes, versus the "<a href="http://www.facebook.com/yesontargetsanrafael">San Rafael say Yes to Target's</a>" 156. The petition against the proposed store has <a href="http://www.change.org/petitions/tell-local-authorities-no-to-target-store-in-san-rafael-california#?opt_new=t&opt_fb=f">699</a> signatures.<br />
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So who is going to pleased and who disappointed by the report's findings? With such divergent views it will be impossible to please everyone. My guess is that the fiscal benefits will be found to be lower than Target's estimate, and the commercial and traffic impacts of some concern, with a recommendation for a reduced footprint - say 90,000 sq.ft, and no grocery section.<br />
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What do you think?Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0tag:blogger.com,1999:blog-3412710788524589344.post-31543384914404123142011-03-23T11:18:00.000-07:002011-03-29T10:54:05.850-07:00Is the Commons at Mount Burdell on the rocks?The North Bay Business Journal recently <a href="http://www.northbaybusinessjournal.com/30914/marin-county-office-outlook-brighter-than-in-two-years/">published an outlook </a>for the Marin office market, in which it was noted that the Fireman's Fund HQ in Novato was on the market. If you recall, this is the site of Marin's largest development project - the <a href="http://www.americanassets.com/commons.html">Commons at Mount Burdell</a>, which is the proposed redevelopment and expansion of the site as a mixed-use community.<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://lh6.googleusercontent.com/-EtnJVgLKylM/TYo5I1ZA3sI/AAAAAAAABv0/1i7Ghoh5tLo/s1600/novato_2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="140" src="https://lh6.googleusercontent.com/-EtnJVgLKylM/TYo5I1ZA3sI/AAAAAAAABv0/1i7Ghoh5tLo/s320/novato_2.jpg" width="320" /></a></div><br />
The project was announced in 2008 by San Diego based American Assets, who shelled-out $312 million to acquire the 65-acre site in 2007 in a joint venture (JV) with the GE Pension Trust. According to the proponents:<br />
<blockquote><span class="Apple-style-span" style="color: #171a63; font-family: arial, helvetica, sans-serif; font-size: 12px;">The completed project would be named the Commons at Mount Burdell and would upgrade the 710,000 square feet of existing facilities adding nearly 800,000 square feet of uses including residential, a first-class hotel, retail, health club, daycare, restaurant, meeting venues and a variety of other community amenities. In addition to implementing Platinum LEED standards, the projects' water, waste and energy systems are being designed to achieve 100% carbon neutrality; one of the first such efforts for a mixed-use commercial project in the United States</span><span class="Apple-style-span" style="color: #171a63; font-family: arial, helvetica, sans-serif; font-size: 12px;"> </span> </blockquote><blockquote><span class="Apple-style-span" style="color: #171a63; font-family: arial, helvetica, sans-serif; font-size: 12px;">Utilizing the latest approach to master plan development, The Commons at Mount Burdell would actually expand the current amount of open and green space on site by nearly 15% through the removal of nearly 15 acres of surface asphalt parking and the construction of parking structures.</span><span class="Apple-style-span" style="color: #171a63; font-family: arial, helvetica, sans-serif; font-size: 12px;"> </span></blockquote>Given the economic problems of the last few years, it is not surprising that this project has not yet moved forward, but I assumed it had just been placed on the back burner for a while. <br />
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However, looking through some <a href="http://www.retailroadshow.com/shows/AAT156u_rr/DU73QKT/prosp.pdf">SEC filings</a>, it appears that events have conspired to make the future of the project more uncertain. American Assets Inc. decided in 2010 to become a publicly listed real estate investment trust (REIT). In short, this involved an IPO and the transfer of their properties into a new entity - <a href="http://www.americanassets.com/home.html">American Assets Trust</a>. However, the terms of the lease allow Fireman's Fund the first right of purchase on any transfer or sale of the property. In anticipation of the REIT formation, the property was offered to Fireman's Fund in 2010. The offer was not accepted, but Fireman's Fund also didn't waive their right of first offer on any future transfer. In addition, GE Pension Fund, which is the majority (75%) shareholder in the JV, did not consent to allow its interest to be included in the REIT formation. These problems meant that American Assets could not transfer the property into the REIT, and it also caused them to recognize a $38.5 million impairment on the property's value in 2010.<br />
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So it looks like the original entity - <a href="http://www.aaimllc.com/home.html">American Assets Inc</a>. - remains as the owner of the 25% interest in the JV, and will continue to manage the property. But given the owners' new focus on the REIT, it seems reasonable to assume that they would look to offload the site at the earliest opportunity.<br />
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It will be interesting to see whether Fireman's Fund decide to take the opportunity to purchase their corporate HQ, and if not, whether a new owner can be found who will continue to pursue the Commons development as proposed, or is it on the rocks? One complicating factor is the uncertainty over the Novato North SMART transit station, which would serve the site, but which was <a href="http://novato.patch.com/articles/smart-to-consider-delaying-opening-of-north-novato-station">identified recently</a> as one of the potential stations to be cut, as part of SMART's budget shortfall.<br />
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*Update: The NBBJ has <s>copied</s> also <a href="http://www.northbaybusinessjournal.com/31538/firemans-fund-hq-for-sale/">picked up</a> the story.Nigelhttp://www.blogger.com/profile/14539044173461756320noreply@blogger.com0