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Strip Malls Turn Heads
Between the economic downturn and the game-changing rise of online commerce, the bricks-and-mortar retail sector has taken some huge hits in recent years. But there’s a bright spot in the business of shopping that has been conveying significant benefits to commercial brokers: strip malls.
"There is still a strong need for strip centers,” says Rob Grossman, COO of the strategy & operations practice with Deloitte Consulting. Vacancy in strip and community centers fell by 30 basis points in 2012 and, at the beginning of 2013, sat at 12.8 percent nationwide, according to CRBE Econometric Advisors. Newer properties, particularly those located in high-density areas with strong employment, report even lower vacancy rates, says Julie Taylor, senior vice president of the Retail Services Group at Cornish & Carey Commercial Newmark Knight Frank in San Francisco.
Investors like strips, too. Almost 60 percent of respondents to the “Emerging Trends in Real Estate 2013” survey tagged community and strip centers a “buy.” Why? “Strip centers are in demand because they are easier to manage and lease than larger centers and the rate of return can be 8.5 to 9 percent, 50 to 100 basis points higher than for a community center,” says Mez Birdie, CPM, ... more

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