No. of Recommendations: 1
brookfield long discovered it is difficult to execute higher value conversion with an existing portfolio, even when the geographical location is ideal.
(ref: brookfield and macy's joint projects)
if you look at the location of most brookfield malls, it is usually in areas with above avg residential housing demand.
there are either floorplan footprint barriers, or regulatory timelines, that make the economics too uncertain.
this is why one only finds tiny, usually private, RE operators that scout all in advance, then acquire specifically for conversions. some idea of scale; usually only 1-2 active single building projects at a time.
