Retail Real Estate
Finding the perfect commercial property for your retail business is an essential part of your organization’s growth and long-term success. When it comes to this particular type of commercial property, the old adage, “Location, location, location!” plays a tremendous role in finding the best retail real building for your business or your future tenants. Not only do you need a property that makes it easy for you to get your products into the hands of your customers, but you also need to make sure that the building itself has every bell and whistle to make sure that your business is running on all cylinders. In order to figure out which commercial property is best for your business, it is important to know which type of retail properties is best for you. There are seven types of retail real estate properties: malls, lifestyle centers, factory outlets, power centers, community centers, neighborhood centers, or convenience centers.
Everyone knows what a mall is, but purchasing one requires a specific idea of what types of businesses you want to have as tenants. Tenants come in all shapes and sizes. Typically, malls are very large, ranging from hundreds of thousands of square feet to even millions. They provide homes for department stores, smaller retailers, restaurants, and entertainment providers all under the same roof. Knowing which blend of different tenants you want to work with and which tenants provide you the best opportunity to capitalize on your market will help us figure out which property is best for your bottom- line.
Lifestyle centers have gained increasing popularity over the past few decades and offer many of the same retail options as a typical mall. However, lifestyle centers are usually outdoors and typically do not have spaces designated for department stores. Oftentimes, lifestyle centers offer more upscale retail options than malls and provide more space for full-service restaurants.
Factory outlets are also typically outdoors, but this isn’t always the case. Factory outlets offer brand-name retailers storefronts to sell discounted goods. Depending on the market, the tenants usually range from mid-tier to luxury retailers and do not typically offer the same range of eateries as malls or lifestyle centers. Factory outlets are unique opportunities for entrepreneurs interested in retail real estate because consumers always love a discount. They can be successful in a variety of locations, from major transportation routes, to suburban areas, or even urban settings.
Power centers are often anchored by big box retailers with a number of smaller tenants on the property. It is also common to find pads for fast-food chains, restaurants, or convenience stores. Power centers offer commercial real estate investors a lot of variety when choosing which types of tenants to work with due to the number of sizes, shapes and uses that the different storefronts can be built around.
Community centers are commonly referred to as “strip malls” and are typically anchored by grocery stores, large retailers, and/or convenience retailers. These properties typically range from one hundred thousand square feet up to about four hundred thousand square feet. They provide the opportunity to work with a variety of tenants that are in demand regardless of which way the market winds blow.
Neighborhood centers are the smaller cousins of community centers and typically max out at a little over one hundred thousand square feet. Although, like community centers, they are usually anchored by a grocery store that is surrounded by a number of other smaller retailers, dining options, or convenience stores.
Convenience centers are much smaller than the other types of commercial real estate properties discussed above and are usually no larger than thirty thousand square feet. Typically, convenience centers offer retail space to convenience-based retail services, such as salons, dry cleaners, or any other service that people need to live their lives.
Retail real estate properties are incredibly diverse. There are a lot of options that do not fit into the seven types of retail real estate listed above. Business owners can find single tenant stand-alone locations or urban retail storefronts in the heart of fashionable cityscapes. There are also mixed-use locations that combine retail stores and/or dining below offices or multifamily residences. All of these are all retail real estate options for savvy business owners or investors.
No matter what you sell, we make finding the perfect retail real estate property for your storefront easy. From large single-tenant properties that are ideal for a big box store to multi-tenant properties that come in all shapes and sizes. OKC Commercial Properties will do everything to find the retail space that meets your needs. Our retail real estate specialists can help you navigate changing markets and complicated zoning to ensure that your retail property is the perfect fit for your business or your tenants.