In a recent piece, I mused at the number of shopping centers, mostly built in the ‘60s and ‘70s that were so ill-conceived that within less than their half-life they had fallen on hard times. Massive vacancies surrounding a handful of sub-class tenants.
Oddly, knowledgeable investors, investors who understand the dynamics of centers, have not snapped up the huge number of them that could not only be viable but bring an enormous return on investment.
There are several tried and true generic formulas that if properly put into place all but guarantee the success. To begin with, the facades must be changed so that the center isn't a collection of walls that are chopping up several connected perfect rectangles.
Drive by one or more of the derelict centers in your town or neighborhood, pull into the parking lot and dream what could be done to bring the center back to life.
In a couple of days, I'll tell you what we recommended as consultants that revived several centers. But before that, I'd surely like to hear your thoughts.
Of course my team can easily be gathered together again to do market study and center revitalization recommendations, as well as actually bring in the new tenants. For information about us: Bill Cherry, Realtors
BILL CHERRY, REALTORS
DALLAS
214 503-8563
Copyright 2008 - William S. Cherry
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