BiggerPockets

Anyone here own a mid/large size retail strip center? or knows alot about this type of property?

I'd like to know the pro's and cons of investing in retail centers, closing deals, losing/attracting tenants, managing etc. thanks.

What "I" see is both small and large strip malls get a little age on them and set mostly empty to all empty because the fancy high paying tenants they 'used' to have all migrated to brand NEW space.

What I dont see is rents etc. that each are commanding, new vs say 20 years old. Does the older strip not want to reduce rents or fix up to 'newer' style looks?

The best organization for retail strip centers and development of them is the International Council of Shopping Centers. They have local chapters that meet frequently to discuss trends and deals. This organization is where you will find retailers, attorneys, developers, contractors, engingeers, architects. anybody who is anybody, it seems, is a member of ICSC and you can find them at ICSC.org. That's where I would start. Your question demands a very detailed answer but if you had some specific questions I could do my best to help you out.

As far as the "aged" building situation goes it depends on the surroundings. Some "old" retail centers are still in a very active areas and can simply be given a facelift. Others have fallen apart with the area and it takes a community effort to bring them back. Each situation is different.

The following link is to a part of town that I drive through frequently and is a prime example of how to turn an area around. The housing was and is still holding its value but the retail had vacated to the "new" developments. This may be a little more ambitious that you had in mind but sometimes it takes this kind of effort to make something work. http://www.binford71.org/index.html.