Most of a strip mall and big box's value in the real-estate market depends on the popularity of its retail tenant and the income stream it brings. Bob Sutton, the manager of acquisitions at Equity Investment Group, which owns Parkway Plaza, said that the mall's value more than tripled in the past six years because the previous broker secured such retailers as Office Depot and Boston Market, which has since left. The quality of the tenant and income stream is important. We get past the physical appearance. Among the inherent problems with sprawl retail development is that malls and boxes are designed for a specific tenant, Duany said at a meeting last year of the Home Builders Association of Charlotte.
Cities evolve organically.
Suburbs are designed for stasis. Nothing can change. The old Best Products store off Stratford Road has sat vacant for four years. Among the obstacles to finding a tenant has been a large, underground basement, with especially tall ceilings, that served as a merchandise storage area, said Richard Anderson, the property owner. When a building is designed for such a specific use, it's hard to rejuvenate it, said Simmons.