Shopping Center Business

MAY 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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SPINOSO 92 • SHOPPING CENTER BUSINESS • May 2018 1990s, they began to see the industry shift to being owned by REITs. The demands of analysts and shareholders caused REIT owners to consolidate in a race for scale. While mergers were abundant, owners focused on their most valuable assets to match Wall Street expectations. As a re- sult, many centers didn't get the attention that they needed. "Witnessing the transformation in our industry, we saw the opportunity to establish a completely unique, boutique mall platform that has true 'mall DNA' with hand-picked, talented mall experts possessing an unbridled, entrepreneurial approach to the mall space," says Spinoso. "That would allow us to affect significant change to properties that weren't being maximized." "Because we are a company that did not come out of the consolidation of the industry, we emerged as a ground-up, scalable platform that has the benefit of 30 years of history without any legacy is- sues," adds Spinoso, "and, we are totally unique." In operation for nearly a decade now, Spinoso has a portfolio of success sto- ries to showcase its track record. As a third-party service provider, the company took over the 1 million-square-foot More- no Valley Mall in the Inland Empire area of California in 2012. At the time the com- pany began managing the center, it was performing at $257 per square foot and was 78 percent leased. When the owner sold the center, it was 92 percent occu- pied and sales were $433 per square foot. "We had a dramatic impact on the mall's net operating income, adding almost $3 million of NOI," says Spinoso. "That as- signment created a tremendous amount of value for the asset, at the same time revitalizing and upgrading the center." In 2014, the company was brought in by a client to operate Santa Fe Place, a 570,000-square-foot mall in Santa Fe, New Mexico. Believing in the strength of its business plan, Spinoso purchased the center off-market in 2015. The center was 70 percent vacant when Spinoso took over management. "We studied the market, the property and the history of Santa Fe Place Mall. New retailers at Santa Fe Place routinely draw crowds, like this opening for Pink. Santa Fe Place has been re-connected to the community with a wide array of events and activities such as a 4th of July celebration, mommy-and-me yoga, children's play area and other exciting programming events, many held in the remodeled center court.

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