The TreppWire Podcast: A Commercial Real Estate Show 228. Carmen Spinoso Proves There is Still Value in Many US Malls, With Spinoso Real Estate Group
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Nov 21, 2023 Carmen Spinoso, CEO of Spinoso Real Estate Group, has over three decades in the shopping mall industry. He shares insights on the complexities of mall management and the importance of receivership in saving assets. Spinoso expresses optimism for mall revitalization, highlighting examples like Glenbrook Square and the rise of experiential retail, including unconventional attractions like pickleball. He discusses the challenges of leasing and maintaining tenant relationships, emphasizing the resilience of brick-and-mortar retail in today’s evolving marketplace.
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Accidental Start
- Carmen Spinoso's career in malls began accidentally after a chance encounter.
- His passion was music, but he discovered a love for real estate through a leasing role at Pyramid Companies.
Industry Consolidation
- The mall industry consolidated significantly in the 90s due to economic struggles and the rise of REITs.
- This shift led to a change in business models, focusing on stock prices over long-term real estate value.
Two-Pronged Business
- Spinoso Real Estate Group focuses on mall leasing and receivership, stabilizing struggling assets and maximizing investor returns.
- Their recent acquisition of Solano Town Center exemplifies their commitment to mall revitalization.