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.
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.
Chair of Land Use, Regionbuilders, a California commercial real estate lobby firm
Real Estate Today Northwest Center for Professional Education Audio Tapes Sacramento Business Journal Sacramento Bee ICSC
MBA California State University BA Business University of Puget Sound
#1 Listed speaker in commercial real estate category, Speakerfile.com Top Sales Producer, Norris, Beggs, and Simpson
Lorman Education Services Crittenden Seminars McDonald's Corporation Chevron Macy's 7-11 New England Life John Hancock Life Various law firms (confidential)
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.
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.
There are more strip malls in the United States than all other types of shopping centers combined.
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.
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
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
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
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
I can only advise you on strip malls, as that's what I develop and hold in my portfolio. Unlike other types of CRE, retail is 100% dependent on location. It's usually best to find product either 1) on
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