Commercial Shopping Center Investing w/ Michael Flight (EP156)

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Isn’t Amazon going to kill Shopping Centers?

Michael Flight has an extensive background in commercial real estate investing and is principal of Concordia Realty.

Concordia Realty specializes in shopping plazas and retail properties. They prefer to purchase operational commercial projects with existing income. They concentrate on strip shopping centers and they occasionally renovate or restructure existing commercial properties.

They have over a million square feet of retail space located in the Illinois, Indiana, and Michigan markets. Increasingly they are interested in Ohio and Wisconsin. They continually look for good opportunities and are working to expand into new areas.

Michael became involved in real estate shortly after college where he worked as a broker and then began working with a syndicator that owned shopping malls. In 1990, he started out on his own by founding Concordia.

 

Take us back to Pre-1990, how did you get into Real Estate Investing?

 

What does Value add mean in shopping centers?

 

Finding better tenants, upgrading and renovating buildings, and increasing rents.

 

Isn’t Amazon going to kill Shopping Centers?

He says, “A lot of negative press about retail real estate has been generated by companies like Amazon competing online. This has driven down prices and opened up opportunities for Concordia. It’s hard to get goods delivered that last mile to parts of rural America. Even Amazon has invested in companies like Whole Foods as they recognize the need for retail outlets.” They are examining different merchandising strategies and like to see that their tenants have an online component to their businesses.

 

What types of Shopping Centers do bad?

 

He discusses the types of retail stores that will likely do well in the current environment and those that may fail.

 

How are Cap Rates in Shopping centers compare with other asset classes?

 

Institutional investors?

What are you personally investing in as a LP?

 

What is something that I (apartment refugee) should do? Go to a boot camp?

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