CBRE announced a new retail lease with A Royal Suite at The Marketplace shopping center in Oxnard, CA. This latest deal comes on the heels of new leases with Restoration Hardware and Design within Reach.
CBRE’s Larry Tanji and Francine Benevente secured the new lease encompassing a total of 15,000 square feet. A Royal Suite, a family-owned high-end home furnishings retailer, moved into a space previously occupied by Easy Life Furniture at the newly renovated shopping center at 1889 Ventura Boulevard.
The property is centrally located with good visibility and access from the 101 Freeway. The grand opening of A Royal Suite store is scheduled for May 12, 2018. This will be the third location for the retailer and serve as its flagship store, according to owner and operator Norb Moniz. Tom Oliver of NAI Capital represented A Royal Suite. The Marketplace is anchored by Fry’s Electronics, Marshalls, Restoration Hardware and Design Within Reach and sits adjacent to Costco. Oxnard is the largest city in Ventura County and is positioned to draw from both Camarillo and Ventura.
The center includes a mix of fashion and home furnishing tenancies and only has three suites left before it is 100% occupied.
“Due to the centralized location of Oxnard, reasonable pricing for available properties and the strong sales of existing national credit tenancies, we view this area as being in a strong position to absorb additional demand of both national and regional retailers with a desire to service the Ventura County Trade Area.” said Tanji. “The new outlets will draw high-end shoppers from long distances as the stores offer merchandise and pricing unique to our trade area and not always available online.”
Retail centers such as The Marketplace are likely to benefit from the positive outlook for the Greater Los Angeles retail market, according to CBRE’s latest quarterly report. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
