If you know Crocker Park in Westlake OH (west of Cleveland), then look north of Crocker Park, across Detroit Road and to the west of Crocker Road, where the Sears, Dodd Camera, and Marks food store is, because those stores are located in a strip mall.
So does the thinking work like this?
- Build strip mall anyoldplace land is cheap and there’s traffic. Never mind demand or rentals for commercial pace in the area, look for big returns from ???
- ???
- Profit!
What am I missing here? Where and when are they expecting these “big returns”? Smarter ventures than this get shitcanned by investors every day, usually because there is no herd mentality behind them.
Has the commercial real estate industry reached a kind of shoe event horizon, where they’re just building strip malls to take their minds off their troubles?
Manassas, Manassas Park, Ceterville, Woodbridge.
Woodbridge is a hell hole. But they have Swedish meatballs with lingonberry jam!
Or Seattle.
Back in the 60s and 70s, the local mall* was a thriving neighborhood center, but fell into Abandoned Strip Mall Mode in the 80s.
But even though it was at death’s door, it’s back (with a ven-gee-ance)! And once again not only growing financially, but a hub for the locals.
*(Westwood Village)
I can see Bannister Mall from my back deck:(