Article provided by Hank Saurage, President/Broker for Saurage Commercial Real Estate
Written by Elaine Misonzhnik, retailtrafficmag.com [July 20, 2010]
As the retail real estate industry transforms in the wake of the recession, mall and shopping center owners are building relationships with the kinds of tenants they might have ignored five or ten years ago.
For instance, reastaurant operators only came to be accepted as mall tenants in the early 2000s because of their parking needs, long hours of operations and heavy cleaning requirements were previously seen as a burden. Gradually, however, retail landlords began doing business with large national chains like the Cheesecake Factory and P.F. Chang’s China Bistro and enjoyed great success in the process.
Today, many landlords are taking the next step by targeting smaller, independent restaurateurs, many of which have no experience operating in a shopping center environment. There are several reasons for this. One is that restaurants have bounced back from the recession more quickly than retail operators and are currently among the best drivers of traffic for retail properties, notes Michael P. Glimcher, chairman of the board with Glimcher Realty Trust, a Columbus, Ohio-based regional mall REIT with a 20-million-square-foot portfolio.
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Hank obtained his Real Estate Sales License in 1984, followed shortly thereafter by his Real Estate Brokers License in 1986 and then his Real Estate Brokers License in Mississippi in 1997. In 1990, Hank earned the CCIM (Certified Commercial Investment Member) designation from the Commercial Investment Real Estate Council.
Saurage Company, Inc dba Saurage Commercial Real Estate was founded in Baton Rouge in 1991 with the purpose of providing exceptional real estate services with an emphasis on commercial property and property management. Saurage Commercial Real Estate offers to its clients a full range of real estate services including brokerage, investment advising, development consulting, REO disposition specialists, asset management, fee based consulting, tenant representation, and buyer representation. The staff of professionals includes combined experience of 50 years, as well as CCIM Designees and Candidates and recipients of Master of Business Administration.
