Senior Housing Could Be Coming To A Shopping Center Near You
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As struggling retail centers search for tenants, senior housing spaces could take over and repurpose the shells of big-box retail spaces.
“Large boxes are not being re-tenanted for like-kind users. They are being repositioned,” Faris Lee Investments Senior Managing Director Gene Ventura told Senior Housing News.
For the owners of empty retail spaces, a move like this makes a lot of sense, especially considering senior housing’s strength as an asset class. Transitioning from retail to senior housing can bring spaces back to cash-flow status, Ventura said.
Additional benefits to converting these spaces include leveraging retail’s proximity to people and the common phenomena of undeveloped land around shopping centers, according to Ventura.