Own and develop quality properties
Caruso Affiliated believes that quality properties are always in demand, even in weak markets, and our focus is firmly fixed on developing projects with superior locations, architectural integrity, and a strong, carefully chosen tenant mix. We believe in developing quality centers that will stand the test of time. We make a higher than average investment in our centers that supports our commitment to architectural quality. Even with a higher than average cost of construction, our return on equity consistently exceeds that of the competition.
Redefine the product
We have successfully created a new product type by redefining and repositioning what has traditionally been termed an “outdoor mall” or “strip mall” anchored by grocery and drug stores and tenanted with numerous smaller local merchants. In short, we took this basic and historically stable real estate concept and made it much better.
We kept what worked: easy, convenient, at-grade parking with a daily needs component (i.e. grocery and drugstore), and then we added new and innovative features. For example, we exchanged the standard linear “strip” layout for a crescent shape, improving the customer’s view of the entire project from any point within. Then we enhanced the architectural details with rich natural materials, made the landscaping lush and plentiful, and added high quality fountains, furniture, and visual accents to make a warm, beautiful, and inviting place.
The tenant mix is broad and carefully considered, with a combination of convenience, national chain, and destination merchants that together give a local retail center regional draw and universal appeal, while providing an attractive alternative to the typical enclosed indoor mall. Caruso projects are true “lifestyle centers” by definition and in practice, as they have evolved into centers of community life.
Develop strong tenant relationships
While continually searching for new ongoing successful retail and entertainment concepts, Caruso Affiliated is able to minimize leasing time by drawing on the strength of current relationships in pre-leasing its projects. All of our projects have been at least 90% pre-leased prior to completion of construction.
Mitigate risk
By understanding the entitlement process and because of our confidence in pre-leasing projects, Caruso Affiliated is able to mitigate risk on each project before beginning construction.
Invest with a long-term view
Real estate is a long-term investment, and we know that we must be comfortable owning any property for a long period. Our track record demonstrates that we are not a merchant developer who “flips” developments after completion.
Create a partnership with the community
We believe in creating a true partnership with each community we develop in. By working hand-in-hand with the local homeowners, we build town centers that are specifically catered to the individual needs of a community. By including the community in the process, we give residents a sense of pride and a genuine feeling of ownership.