Looking beyond the obvious to create the story

How do you sell a shadow center with household income 35% lower than the state or national average? Due to the fact that buyers are typically not asking for this type of property, you need to profile the buyer and set the stage using a “deeper understanding” of the area. This may help you in a sale or purchase of a property.

PINNACLE PARK RETAIL   |   $9,200,000 +/-   |   Dallas, TX

It has been said that there are 3 kinds of untruths….”lies, damn lies, and statistics.”

Demographics are sometimes like statistics and will often “lie” to you about the real nature of an area. Such was the case with Pinnacle Park, a Walmart and Lowe’s development near downtown Dallas (the wrong side of the tracks). The population was large, about 250,000 in five miles, but the HH income was well below average and the housing stock reflected that.

Looking deeper into the demographics, we found a subset of 75,000 people within 3 miles with HH incomes in excess of $75,000. This alone would have supported this centers tenants. Second, we did a daytime population analysis, which showed the heavy industrial percentage in the area added about 20,000 to the population. Third, we did a study of the amount of retail versus the amount of population. We found that there was a shortage of retail services, even after this center was built.

In all, by NOT accepting what one sees on the surface, and being creative, the property achieved the premium pricing it deserved—not the discounted price others had suggested due to the demographics.