Many investors and developers fell into developing various configurations of strip malls, beginning forty years ago. Rather than retain experts in retail center design, leasing and management, they assumed there were no particular tricks to any of it.
Prospective tenants didn't know much better, so leasing went smoothly and that further validated for all involved in the development and leasing that they were right - there was no need for experts.
Then the centers' retail sales began to fall, tenants moved out, sales failed further.
Well cities are full of these failed centers. Some have a handful of marginal tenants; others have no tenants at all and are for all practical purposes, boarded up. Dallas and the surrounding area are full of them.
Unless the neighborhood demographics and the drive by traffic have changed dramatically, almost all of those centers could be redesigned and remodeled to accommodate and attract appropriate tenants. Oddly, few if any are being addressed, so it appears to me there are some real bargains to be had for new investors.
Over the past twenty years, several of my associates and I have joined together to consult the redevelopment of entire old downtowns and neighborhood centers. Our projects were all successful. And we're available to do others, anywhere in the U.S.
Meanwhile, over the next couple of days, I plan to post some of the items that shopping center leasing agents and managers must address if their projects are to be and remain successful. If you're involved in the commercial side of real estate, you may find these will be good check lists. - Bill Cherry
BILL CHERRY, REALTORS
Our 43rd Year Selling Texas
9936 Windlake Circle, Dallas 75238
Copyright 2008 - William S. Cherry
All rights reserved