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
214 503-8563
Copyright 2008 - William S. Cherry
All rights reserved
Bill,
Good post.
There is commercial money available, but this is not no money down real estate! A person with some cash, not necessarily a huge bank account could make a fortune.
Thinking required.
Bill
Westfield has been redesigning many of the malls in Sothern California. They are taking some tired layouts and adding great design aesthesis to the surfaces, walls, walkways. It is great that companies are starting to care about aesthesis in redeveloping of some of the old strip centers.
Bill Cherry, I'm looking forward to this series. I need your information.
Bill Roberts
Good for all of you, and thanks for telling me your stories... William J., Geoff, Bill and Miss Joanie --
Miss Joanie, done right those things can quickly become a financial blessing for all. I'm so glad you're a volunteer. You'll love it and you're perfectly cut out for it.
Of all of the parts of real estate I have fell in and out of love with over the years, only two REALLY made me feel like I had accomplished something: consulting on downtown redevelopment, and the restoration of historic homes and historical commercial buildings. And those were the two places my work made a difference. Interestingly, as time as past, so many have stepped up and taken total credit for what my associate Carol Todreas and I did,
Anyway, you're going to love it! And by the way, it's not a bit hard to raise equity money for those redevelopments of old centers. People love investing in them and banks love lending against hypothecated leases of strong tenants. It's one place someone who is credible can get a strong percentage of ownership and fees by contributing sweat equity and taking no financial risk. I've raised many millions for these projects. If I can, you can.
Bill
You're sure right, Miss Doris, and I need to note that I studied a couple Tennessee cities' downtowns that had been revived and done extremely well.
Bill
Geoff, I'd love to see some of them. Do they have web sites that you are aware of?
Bill
I found some for Westfield Topanga at: http://westfield.com/newtopanga/index.htm
The photo's don't do the space justice. The walkways are not straight cooridors, but more paths that have a more gentle meandering feel. They are starting a new project in Sherman Oaks.
A number of new projects are underway in the San Fernando Valley. Many of these are redevelopment of old shopping centers. One is being build by J.H. Snyder Co, you can find more information at: http://www.jhsnyder.net/jhs/featured_project_detail/noho_detail.cfm.
I have a blog at: http://activerain.com/blogsview/417532/Los-Angeles-Southeast-San about many of the projects.
I found some for Westfield Topanga at: http://westfield.com/newtopanga/index.htm
The photo's don't do the space justice. The walkways are not straight cooridors, but more paths that have a more gentle meandering feel. They are starting a new project in Sherman Oaks.
A number of new projects are underway in the San Fernando Valley. Many of these are redevelopment of old shopping centers. One is being build by J.H. Snyder Co, you can find more information at: http://www.jhsnyder.net/jhs/featured_project_detail/noho_detail.cfm.
I have a blog at: http://activerain.com/blogsview/417532/Los-Angeles-Southeast-San about many of the projects.