{"id":1004072864,"date":"2013-05-15T09:37:45","date_gmt":"2013-05-15T17:37:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004072864"},"modified":"2022-12-08T10:04:59","modified_gmt":"2022-12-08T18:04:59","slug":"retail-no-longer-the-unwelcome-in-law","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/retail-no-longer-the-unwelcome-in-law\/","title":{"rendered":"Retail \u2013 No Longer the Unwelcome In-Law"},"content":{"rendered":"<p><em>By Marcelo Berm\u00fadez, President, Figueroa Capital Group, subsidiary of Charles Dunn Co.<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/bermudez_marcelo-cropd.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004046102\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/choose-wisely\/bermudez_marcelo-cropd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/bermudez_marcelo-cropd.jpg\" data-orig-size=\"2211,2167\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ron Murray&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1340111307&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"bermudez_marcelo cropd\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/bermudez_marcelo-cropd.jpg?w=1024\" class=\"alignleft size-thumbnail wp-image-1004046102\" title=\"bermudez_marcelo cropd\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/bermudez_marcelo-cropd.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p>This coming Sunday, May 19, commercial real estate professionals, developers, and retailers from all over the country will convene in Las Vegas for the International Council of Shopping Centers annual RECon event. ICSC estimates that 50 percent of all industry deals are conceived or consummated at this event. Optimism is high. Attendance is expected to exceed 33,000 and 127 more companies are exhibiting compared to 2012. Retail, it seems, is no longer the unwelcome in-law.<\/p>\n<p>Since the third quarter of last year, the political noise has become badly chosen background music to a market that is recovering ever so slowly. The fiscal cliff came and went and nobody cared. If you Google \u201c<em>QE3 market,<\/em>\u201d the first handful of article titles proves few know what the government is intending. Last month, it was full steam ahead. Today, there are talks of QE3 being pulled back. The general conversation is undermining the power of retail consumption and the potential economic recovery it can bring. National job growth has increased 1.5 percent year over year in March. While some may argue what is truly employment \/ unemployment \/ underemployment, the momentum is heading in the right direction. Consumers also need to be given more credit. They\u2019re doing more with less and managing their finances better. To prove it, the residential mortgage delinquency rate is the lowest it\u2019s been since 2008.<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>The credit markets continue to improve for retail investors as well. While banks might be a little tighter with their underwriting, it\u2019s something you can ask for and get a solid response. Beforehand, they wouldn\u2019t return your calls. Lending products like CMBS are mostly agnostic to product type as long as it cash flows and you\u2019re buying below replacement cost. Spreads can be 200 basis points in spread for a 10-year SWAP deal which means 4.00 percent rates at 75 percent LTV. Pricing certainly improves with lower leverage.<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>A word to the wise \u2026 if you\u2019re attending ICSC: Ditch the Wingtips or high heels. Wear comfortable shoes!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Marcelo Berm\u00fadez, President, Figueroa Capital Group, subsidiary of Charles Dunn Co.: This coming Sunday, May 19, commercial real estate professionals, developers, and retailers from all over the country will convene in Las Vegas for the International Council of Shopping Centers annual RECon event.<\/p>\n","protected":false},"author":1346,"featured_media":1004046102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004072864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Retail \u2013 No Longer the Unwelcome In-Law - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/retail-no-longer-the-unwelcome-in-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail \u2013 No Longer the Unwelcome In-Law\" \/>\n<meta property=\"og:description\" content=\"By Marcelo Berm\u00fadez, President, Figueroa Capital Group, subsidiary of Charles Dunn Co.: This coming Sunday, May 19, commercial real estate professionals, developers, and retailers from all over the country will convene in Las Vegas for the International Council of Shopping Centers annual RECon event.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/retail-no-longer-the-unwelcome-in-law\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-15T17:37:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:04:59+00:00\" \/>\n<meta name=\"author\" content=\"Marcelo Berm\u00fadez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/bermudez_marcelo-cropd.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-no-longer-the-unwelcome-in-law\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-no-longer-the-unwelcome-in-law\\\/\"},\"author\":{\"name\":\"Marcelo Berm\u00fadez\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ffda552b8ad05595eef2baed73dc2737\"},\"headline\":\"Retail \u2013 No Longer the Unwelcome In-Law\",\"datePublished\":\"2013-05-15T17:37:45+00:00\",\"dateModified\":\"2022-12-08T18:04:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-no-longer-the-unwelcome-in-law\\\/\"},\"wordCount\":346,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-no-longer-the-unwelcome-in-law\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/09\\\/bermudez_marcelo-cropd.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-no-longer-the-unwelcome-in-law\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-no-longer-the-unwelcome-in-law\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/retail-no-longer-the-unwelcome-in-law\\\/\",\"name\":\"Retail \u2013 No Longer the Unwelcome In-Law - 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