News
DREAA TALKS MALLS, INTERMODALS
April 27, 2011
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| There are 1,100 malls in the US, but we can really only support 650 to 700, GGP's Sandeep Mathrani told the DePaul Real EstateAlumni Alliance Thursday night at the Library at 190 S LaSalle. GGP owns 25 of the top 100 malls but also a lot of low-performing malls that do under $300/SF annually in sales (some of those could do more if population in the area grew, while others are the result of overbuilding). Sandeep says Internet sales are having a marginal effect on malls, which will dwindle when sales taxes are put in place on the web. He still thinks people will visit malls so they don't have tobuy and return clothes to try them on. | |
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| CenterPoint's Jim Clewlow says his company will continue developing intermodals because they're what keeps the center of the country vital. The US's major railways converge in Northern Illinois and will become more critical as gas prices rise. Industrial buildings have been bond-like in that they don't change lessees very often and have few tenant improvements, so the values rarelyswing. |
