Retail is one of the common types of commercial properties that wind up on the market. Whether it’s because a business has gone bankrupt or they’re simply closing their doors, these properties are all over the country, and they have plenty to offer. By basic definition, retail properties are the buildings that house some of the most popular stores and restaurants known to our society. Many of them have unique touches to their buildings that make them recognizable long after their branding has been removed.
In today’s blog, we are going to touch on a few of the classifications that get taken into consideration when a retail property has been put on the market. Given that there are so many variables let’s not waste any time and jump right into it.
Single-Tenant or Multi-Tenant
We’ve talked a little bit about this classification in earlier blogs regarding offices spaces, but this classification is one that also speaks to retail properties. We’ll talk more on this classification and how it varies in some of the following factors that we take into consideration, but it’s essential nonetheless.
When you’re looking to purchase a retail building, you want to make sure that you’re clear on if you’re looking for a retail property that is single or multi-tenant. There are buildings that speak to each and, depending on the size of your operations, there are going to be properties that better suit your needs. If you’re not entirely sure which is going to be best for you and your business, keep reading, we’re going to go further into the different types of retail building classifications next.
Type of Retail Building
Now that we’ve covered the fact that retail buildings are either single-tenant or multi-tenant, we are going to touch on a few of the different classifications of the most common retail properties.
If you’re currently looking for a retail property to invest in, the information below should make it easy for you to narrow down properties to find a property that works for you. If you’re looking to place a retail property on the market, you should be able to better classify the property that you have.
These types of retail properties are easy to recognize because they are typically enclosed and house a variety of stores within them. Depending on the size of the mall, there are usually food courts, movie theatres, and lounge areas for guests to enjoy. The main thing that is going to be looked at here is the size. These malls generally start at 400,000 square feet and up.
Another retail property that houses various vendors is an outlet mall. The difference here is that these malls are not enclosed. The vendors at these malls are mainly popular and well-known brand names offering luxurious products mid-price. While they do still offer similar amenities as regional malls, they’re much smaller. Factory outlets will range anywhere from 50,000 square feet to 400,000 square feet.
These smaller shopping centers, also known as community centers, are much smaller spaces. Often ranging from 125,000 square feet to 400,000 square feet for the entire strip, these buildings are comprised of a selection of businesses. It’s much more common to see a variety of restaurants and family-owned businesses in these retail settings.
One of the smallest retail property options are the neighborhood centers. These retail properties are often associated and tied to grocery stores in smaller areas. Again, these are going to house the small, family-owned businesses and have many of the same qualities and features as your typical strip mall. The main difference is that they only run up to 125,000 square feet, which is the starting size for strip malls.
Now that we’ve talked a little bit about the malls that offer a selection of stores let’s talk about the power centers where you can find everything you need. Power centers are retail properties that often house some of the well known, big-box stores. A few examples of power centers would be Walmart, Target, Lowes, and Best Buy. These buildings are usually 200,000 square feet of pure open space.
Reach out to UNIQUE Florida Properties
If you’re interested in investing in or selling some retail property here in Florida, let the team at UNIQUE Florida Properties help. Our team of real estate brokers has been able to gain invaluable knowledge and experience through their years in the industry. Contact our team today if you’d like to learn more about how we could assist you.