Things in the retail sector don't seem so negative anymore, despite the fact that Blockbuster just filed for banruptcy. Speakers at the ICSC Western Division conference in San Diego actually seem upbeat about the state of things right now.
"We're starting to see retailers want to do deals," said Tony Thompson, president and chief executive of Thompson National Properties. And transactions are picking up as well, with more short sales hitting the market.
One company looking to buy right now is grocery anchored owner Equity One. "We're looking for high-quality real estate in really good locations," said Thomas Caputo, the firm's president. In fact, the company is even willing to branch out from its traditional asset type and is acquiring urban properties and regional malls. As usual, it all depends on location.
Same with another big REIT, Weingarten Realty. "We're open to anything if we believe in the real estate," said Neil Soskin, a vice president at the firm. "We have more equity than we can place right now."
Stuart Tanz, the CEO and president of Retail Opportunity Investments, is also looking to buy and has done so this year, spending $260 million on 15 centers in 2010 so far. And he knows a thing or two about buying and selling at the right time. He lead Pan Pacific Retail Properties when it sold to Kimco Realty for $2.9 billion in the heyday of 2006.
So what do you think? Are things really turning around in the industry, or are there just a few fortunate players out there that can afford to make deals right now?
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