Written by Elaine Misonzhnik, retailtrafficmag.com [October 27, 2010]
As opportunities for new retail development have dwindled in recent years, REITs that have traditionally specialized in building regional malls started to look into building outlet centers.
The latest firm to move into the sector is CBL & Associates Properties Inc., a Chattanooga, Tenn.-based regional mall operator, which last week announced it had entered into a joint venture with Horizon Group Properties to build an outlet center in Oklahoma City, Okla.
The outlet sector has outperformed other retail property types during the downturn because of consumers’ focus on value. And with only 60 million square feet of outlet center space currently available in the U.S. market, there is opportunity for new construction, industry sources say.
“It turns out that everybody is looking at developing outlet centers,” says Rich Moore, a REIT analyst with RBC Capital Markets. “It is the hottest sector in retail by far and the tenants are very interested in adding space [in that category].
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Hank Saurage obtained his Real Estate Sales License in 1984, followed shortly thereafter by his Real Estate Broker’s License in 1986. To further expand his business, he then obtained his Real Estate Broker’s License in Mississippi in 1997. In 1990, Hank earned the CCIM (Certified Commercial Investment Member) designation from the Certified Commercial Investment Member Institute. He is also a member of the Louisiana Commercial Data Base (LACDB), the National Association of REALTORS® (NAR), and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Growth Coalition; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).