Everyone loves a little retail therapy, but what about retail rehab? The last few years have seen a market in turmoil and, for those of us in commercial real estate, stress and distressed have been an ever present part of our vocabularies. But the Metro Phoenix market has slowly begun to turn and one of the best indicators of that is the retail sector. In this issue, Commercial Executive Magazine, takes a close look at the Valley’s rebounding retail real estate market and we’re happy to report a market sector making progress.
For business partners Abdi Mahamedi and Warren Fink, the foray into Arizona’s retail market carries an admirable goal: to bring Phoenix residents back to a once-grand shopping mall and restore the allure it had when it was built in 1973. Fortunately, this is not the first repositioning rodeo for these two executives from New York City-based Carlyle Development Group, a successful real estate development and investment company that was founded 30 years ago.