One of the most maligned retail formats of the past decade might be coming back in vogue, as investors begin considering acquisitions of lifestyle centers.
Lifestyle centers, a concept whose development exploded in the early and mid-2000s, bore much of the brunt of the recession, as many were built in developing areas, featured no anchors and relied on elaborate co-tenancy agreements that brought vacancies sky high when retail chains started closing down in 2008 and 2009.
Just as other property types have been picking up steam, though, the better positioned lifestyle centers are catching investors’ fancy, with Poag & McEwen, one of the pioneers of the concept, buying its first lifestyle center since the recession on May 10.
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