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Originally opened in 1985. |
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Originally owned and developed by Donahue Schriber in joint venture with Chevron
Land Company. |
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Sold in 1989 to Aetna Insurance Company. Donahue Schriber continued to oversee the
management, leasing, marketing and accounting for Aetna and its advisor, UBS Realty Advisors. |
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Center features 160 stores. |
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Anchors: Robinsons-May, JCPenney, Mervyn's and Macy*s. |
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845,000-square-foot regional mall in Montebello, California. |
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Due to California's economic downturn in the early 1990s, the ownership was hesitant
to invest the necessary dollars to renovate the tired and dated center. |
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The competing regional malls in the area had already renovated to compete with
Montebello Town Center. |
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Competition for shoppers and retailers had grown much stronger. |
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Donahue Schriber developed a cost-effective renovation plan that minimized demolition
expenses and focused the ownership's money on improvements that could most benefit the
consumer and the retailer. |
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A six-month, $5.8 million renovation was completed in 1998, which included such
items as all-new flooring, handrails and amenities; an updated paint scheme; a
renovated food court; renovated and expanded restroom facilities; new landscaping;
upgraded lighting and refurbished mall entrances. |
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The renovation was completed on time and on budget. |
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The finished product looks like a renovation worth two to three times the actual cost. |
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Traffic was up 5.4 percent and sales were up 8 percent in the year following the renovation. |
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During the same period, leasing activity increased and the occupancy rate was
95 percent. |
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The success of the center brought Macy*s to the center in 2001 as a fourth anchor. |
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