A strip mall was developed a mile away from my office in 2007. The location was right by the freeway, in a prime development location. It has two standalone buildings out in the parking lot and a main row of shops. It looked reasonably nice, as these things go.
it “went condo” and was sold off by unit to investors. T* three quarters of the units sat vacant for three years. The others held a barely-adequate Italian restaurant.
The standalone front building was taken in 2009 by a Cuban bakery. It sold interesting pastries and sandwiches. Not to my taste, but The Wife liked them and there seemed to be a loyal clientele. As important, it added a bit of culture and diversity to the area, and an affordable place for lunch.
It apparently didn’t do so well financially. My firm was hired in 2010 to evict the bakery. As far as I know, the business moved out without much of a fight because I don’t remember a trial about the bakery. I’m sure I would have.
Driving by the strip mall today, I see most of the units filled. The mediocre Italian restaurant is still there. There’s a retail shoe store, an escrow company, a real estate brokerage, a nail salon, a taekwondo studio, and a women’s gym. Two units, including one of the standalones, are vacant and advertised for lease.
I noticed today that the building formerly occupied by the Cuban bakery is now being used as an office of a statewide bail bonds company.
Posted from my mobile phone.
* Since my original writing from my car, I have been advised by my colleagues that the commercial property that “went condo” back when the real estate bubble was still inflating was a different one that the development I’ve described in this post.