SAN DIEGO-As mall developers have moved away from failing department stores, they are moving toward outlet centers, says Michael Marino, EVP & division manager for Wells Fargo Bank in Los Angeles. Marino, along with Joham Tavera, director of BlackRock Inc. in San Francisco and Fred White, director of TIAA-CREF in Newport Beach, CA, spoke during a general session at ICSC Western Division yesterday, with Ryan Gallagher, senior managing director of Holliday Fenoglio Fowler L.P., moderating. The session was titled, “Capital Markets Gymnastics: How Flexible Will They Be When it Comes to Financing Your Next Acquisition or Refinance?”

Marino said his firm is currently involved with financing two outlet-center developments in California, and he sees this trend continuing. However, “There has to be something very special about the land for us to do the deal,” he added. For example, outlet centers in coastal California and Hawaii have location-generated appeal. Also getting the green light are centers funded by public companies.

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