Commercial Real Estate Investment/Expert Profile


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Expertise

Any questions regarding development, ownership, leasing, operations, and tenant marketing in small to community sized shopping centers. Leasing questions from both landlords and tenants will be answered from a business and commercially practical and reasonable perspective. Though I am not an attorney, I have consulted to several top law firms on business matters in retail shopping center leases. Best practices and pitfalls in acquisition and development of small to medium sized (under 500,000 SF) shopping centers can be addressed with experience and guidance included. Operations in small centers including lease re-negotiation, profitable renewals that work for both tenant and landlord, addressing maintenance issues, and where your budget should be directed for maximum benefit are topics we address daily in our shopping center business. No cost or low cost tenant cooperative marketing is a topic in which we specialize and where we have developed expertise in boosting tenant volumes, improving their sustainability and ability to pay rent. Questions from tenants as well as landlords/owners/property managers are welcome. As a shopping center specialist, I will constrain my expertise to that vertical only.

Experience in the area

Shopping Center developer and entrepreneur, and previously Assistant Professor of Marketing, CSUS, John is the owner of LocalCenters,LLC, a shopping center development and management company, and Localcenters.com, the #1 web authority on strip malls. John has 35 continuous years experience in strip mall development, leasing, and ownership. With the same operating partner since 1984, John has developed dozens of small shopping centers and has completed nearly 3,000 leases as a broker or principal. John Wallace is a featured nationwide speaker on topics of small shopping center leasing, development, operations, financing, and profitable low-cost/no-cost retailing. Conference promoters include Lorman, Crittenden, The Strip Mall Conference, and various associations including ICSC. John's audiotape "Leasing Commercial Real Estate" has been distributed nationally through the Northwest Center for Professional Education. Localcenters, LLC is headquartered near Sacramento, CA.

Organizations

Chair of Land Use, Regionbuilders, a California commercial real estate lobby firm

Publications

Real Estate Today Northwest Center for Professional Education Audio Tapes Sacramento Business Journal Sacramento Bee ICSC

Education/Credentials

MBA California State University BA Business University of Puget Sound

Awards and Honors

#1 Listed speaker in commercial real estate category, Speakerfile.com Top Sales Producer, Norris, Beggs, and Simpson

Past/Present Clients

Lorman Education Services Crittenden Seminars McDonald's Corporation Chevron Macy's 7-11 New England Life John Hancock Life Various law firms (confidential)

What do you like about this subject?

Being a strip mall developer and owner is a lifestyle and a business, not passive investment task work. We are often called upon for personal advice, and asked to help with tenant marketing and promotion with our experience and counsel.

What do you still hope to achieve/learn in this field?

One always learns the most by teaching, because your output is assumed to be factual and problem solving. Even after 35 years I learn from others every day, and that makes me a better landlord and mentor.

Something interesting about this subject that others may not know:

There are more strip malls in the United States than all other types of shopping centers combined.

Something controversial or provocative about this subject

Strip malls are always controversial. Sometimes our agenda items can fill a public room in a city hall with people objecting to our proposed uses. We have learned over the years to be pro-active, approach the future customers prior to public hearings, and listen to their concerns. Often we can suggest remedies that might soften the impact of certain operations.

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Recent Answers from John Wallace

2017-02-27 Commercial Lease:

No, your lease is probably not invalid because there was no formal request for a substitution of lessee. Aside from the guarantor, however, your remedies are initially limited to the assets of the corporation

2016-06-21 Sales differential based on site factors:

So much of our data in this industry is collected through reasonably valid empirical studies, but dissemination to those other than "key holders" is often anecdotal. For example, I can tell you that McDonald's

2015-02-09 Lease(s) For Sale:

Buying leases in a high traffic, large mall is very common. It is called key money. The tenants can get it if the mall is full with a waiting list and the base rent is commercially reasonable.     It's

2014-03-09 Question for John:

That is an easy question to answer.     To determine your fair rent credit, get bids for property management from two or three reputable property management companies. For example:    If all six rooms

2014-02-28 storage lease:

PLEASE KEEP IN MIND I AM NOT AT ATTORNEY AND CANNOT ANSWER LEGAL QUESTIONS. YOU SHOULD CONSULT A QUALIFIED REAL ESTATE ATTORNEY ON THIS MATTER.     Without benefit of seeing the actual Lease and any amendments

 

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