Retail development has been sparse compared to 10 years ago, and if you want to buy, you may need to take a number, says Henry S Miller Brokerage commercial/retail prez Michael Dee. That's why we're excited to bring you Bisnow’s fifth annual DFW Retail Summit on Oct. 28 at the Westin Galleria Dallas, starting at 7:30am.
Michael, who will be among our expert panelists, says HSM has sold two of its company-owned shopping centers this year because there is way more capital chasing the deals and not enough retail product out there to satisfy huge investor appetite. HSM sold the 150k SF Little Elm Town Crossing (which HSM developed from the ground up) and the 95k SF Preston Trail Plaza. HSM still owns about 10 Metroplex shopping centers that are in various stages of leasing, Michael says, and a few of those will likely go on the market for sale this year. HSM’s top dog Greg Miller is planning to reinvest some of the capital into redeveloping or acquiring new and existing centers, but is careful to make sure the timing is right, Michael says.
The million-dollar question is when development will pick up, Michael says. The two biggest products are old-fashioned grocery-anchored shopping centers and outlet malls. Mixed-use is also a favorite. Beyond that is anybody’s guess, he says. There’s been so little development from what the market saw six to 10 years ago that the investment choices are limited. Michael also thinks the holiday shopping season will remain flat—partly while more people have jobs today, they’re not getting pay raises, and the level of disposable income has not kept pace, Michael says. When he’s not shopping for work, he’s got three daughters (pictured) to keep him on top of the latest shopping trends.
