571: Contrarian Bets On Open-Air Retail Centers Pay off. Cracks Are Starting To Appear In Multifamily

A few years back, retail was completely out of favor. Everyone thought Amazon and e-commerce spelled the end of in-store shopping. The reality on the ground told a different story. Many prominent national retailers were actually growing and opening stores, and in-store sales held steady at 85% of total retail sales. That’s why LBX started investing in open air centers and has done very well in this asset class. Over the last year, LBX has additionally invested in a couple of opportunistic multifamily deals as cracks have started to appear in that asset class. Prices on multifamily have come down significantly as operators are having to sell. Heath Binder is a Managing Director and Head of Investor Relations for LBX.