Here at GFI, the focus initially is not on ground-up development but on purchasing opportunistic and distressed properties, where owners might be looking at foreclosure. We'll be looking at JV opportunities where people might have overextended themselves or might not have the expertise to finalize a project. But we won't be looking at ground-up development ourselves.

GlobeSt.com: Do opportunities arise from developers who have had credit-crunch issues?

Rubackin: Absolutely, it comes at an opportune time in two respects. First, as a 25-year-old company, it has matured and is certainly qualified in a lot of disciplines, like finance investment sales and brokerage. Over the years the company has helped finance billions of dollars for other owners. So, we have a core competency that lends well to taking it to the next level. In addition, the company has recently formed a new joint venture with the Carlyle Group, and we have $400 million of equity to go out and buy properties and fine opportunities we can add value to.

GlobeSt.com: Are there any types of centers or retail sectors where you see the most opportunity?

Rubackin: In my short time here I'm not so much seeing property types as I am regional opportunities. Most of the opportunities that are crossing my desk are in the Southeast markets. There are a lot of packages and centers that would be classified as "B" or "C" that have lost anchors or have lost a significant amount of their rentable GLA that were historically Mom and Pop's. That's what's crossing our desks.

GlobeSt.com: Do you see possibilities in most "B" and "C" centers for redevelopment?

Rubackin: Clearly, some properties had no business ever getting built. When money was flowing and retailers were expanding rapidly, you had a lot of novices coming into the business and putting up centers without a lot of thought and due diligence. Certainly that's not the environment that we are in today. What's likely to happen is a lot of those will fall into disrepair and possibly go into foreclosure and get redeveloped into something new. Assemblages will be put together of adjoining properties, and the cycle will continue. But there will be a lot of pain along the way

GlobeSt.com: Despite all of the recent store closures, are there any sectors hungry for space right now?

Rubackin: I don't see it by sector. I see it by individual retailers. The people who seem to be hurt the worst and are the most cautious are the apparel people, especially the women's apparel business, like the Chico's, Ann Taylors and Talbots of the world. They are pulling back the fastest, it seems, and putting deals on hold. The big-box guys are also being much more cautious than they ever were. Home Depot is always one of the more aggressive retailers out there, and we see them pulling back and try to assign and get out of certain leases in their "A" markets.

GlobeSt.com: Is there anything in particular these chains did wrong or is it more of a result of the market?

Rubackin: It's a combination of the two. A good comparison might be a company like J. Crew, which is one of the most respected and sought-after apparel retailers out there. They have been very deliberate in their growth, and it appears Mickey Drexler learned his lessons well from his days at Gap about expanding and expanding too quickly. They seem to be very careful on their site selection and growth, and it seems very managed and coordinates well with the product they sell. They're a good example of a company that's still aggressive and growing but just being more cautious. Because of that, they're being sought after that much more by developers.

GlobeSt.com: How long do you see it taking for the economy to turn around?

Rubackin: I'm no clairvoyant, but my gut feeling is that if the economy kind of stays where it is, if oil prices stay kind of where they are, the consumer will be able to budget themselves. The financial markets will welcome the stability. If that can occur through the rest of the year and the elections, we'll start seeing an uptick and a more growth-oriented business in the spring. It happens slowly. People don't always know when it's happening. But you wake up one day and you realize that business is good, the phone is always ringing and people want to do deals. That could and should happen in the spring or next summer.