Malls Turn to Underused Parking Lots for New Revenue
As mall stores have closed during the COVID-19 outbreak, some landlords have found a new, surprising source of revenue—shopping center parking lots.
Mason Asset Management, which buys distressed malls in partnership with Namdar Realty Group, is open to exploring turning its parking lots into movie theaters or concert venues, according to Elliot Nassim, president of the company.
“We have an entire specialty leasing team now just focused on the parking lot and the ancillary income,” Nassim says. “If you have a good real estate, you have the potential to do so much with it, and we are excited to have new, non-traditional opportunities to continue adding value to our properties.”
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