Construction Today - November 2017 - 46
Commercial | CENTERCAL PROPERTIES
CENTERCAL'S RETAIL DEVELOPMENTS ARE MORE THAN JUST PLACES TO SHOP. BY JIM HARRIS
views the retail
centers it builds as assets to the
communities they are in.
red Bruning knows firsthand that a
real estate developer's perspective
on the properties they own can vary
greatly. During his 40-year career,
Bruning gained experience in several different styles of retail development.
After graduating law school in 1977,
Bruning worked for Sears Roebuck and Co.
[now Sears Holdings] for six years in its
transactional law and real estate development departments. Bruning then worked
for several retail development companies
including a Manhattan Beach, Calif.-based
company that grew from being a fami-
CONSTRUCTION-TODAY.COM NOVEMBER 2017
ly-owned company to a publicly owned real
estate investment trust (REIT).
"Wall Street has a very different view of
real estate than a private company does," he
says. "A private developer looks at a retail
center as an asset for the community and
ascribes more importance to the quality of
the center and how it fits into the community instead of just looking at its size and
potential for asset growth."
In 1998, Bruning and partner Jean Paul
Wardy - an associate of Bruning's at the
public REIT - started CenterOak Properties,
a Western U.S.-based developer. Although
* Headquarters: El Segundo, Calif.
* Employees: 160
* Specia y: Retail
"We wanted to create places
where people could come back
ree to four times a week
as opposed to just once every
six mon s."
- Fred Bruning, co-founder
Bruning calls the company a great professional experience, CenterOak's capital
partner believed in taking a short-term,
closed-end approach to properties instead
of retaining and developing retail centers
for the long term.