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Clearing the Hurdle

LAS VEGAS-Retailers face a new financial and leasing world. Although, even within the scope of this morphing landscape, some old rules still apply.

By Debra Hazel | Updated on May 20, 2009

LAS VEGAS-It’s a new world for retail developers, with dramatic changes in financing and tenancy, said speakers at a private CB Richard Ellis presentation held in conjunction with ICSC’s RECon meeting, which concludes Wednesday. The result will be a tumultuous period whose outcome is still uncertain.

“It’s going to get very, very messy in the next couple of years,” said Ethan Penner, executive managing director of CBRE, Los Angeles.

Distressed loans constitute 2.4% of the market today, a percentage figure in line with historical levels. But as a total number of loans, 2.4% is twice the total number of problem transactions as 2000, said R. William Ohlsen, senior vice president, real estate finance and servicing group of LNR Partners, Miami Beach, FL. No new vehicle has emerged to sell distressed product, he said.

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