Carmen Spinoso, a former executive in mall development, founded Spinoso Real Estate Group in 2009 during a critical period for shopping malls, marked by the Great Recession. Recognizing the struggles of many malls left behind by large companies, he positioned his company as a go-to operator for shopping centers in receivership due to loan defaults.
With a portfolio of 40 shopping centers, including 37 enclosed malls, Spinoso’s firm has grown significantly, managing 32 properties for other owners, over half of which are under court-ordered administration. Spinoso’s early career was influenced by his uncle’s entrepreneurial success, steering him from aspirations of a music career to majoring in accounting. His previous experiences at Pyramid Cos and Wilmorite cultivated his expertise in mall management.
Spinoso witnessed significant changes in the mall industry, particularly the consolidation of ownership and a shift in focus towards high-end properties by publicly traded firms, leaving many malls struggling. This context fueled his decision to start his company, stepping in to manage properties that banks would take over.
His approach emphasizes revitalizing malls by reshaping tenant bases, filling vacant spaces, and enhancing overall community engagement. For example, after acquiring South Park Mall, he reimagined a former Sears space for a new Dick’s House of Sports concept.
Looking ahead, Spinoso plans to expand beyond mall management to include other real estate ventures, having recently been appointed to manage commercial properties at Manhattan’s Grand Central Terminal. With ongoing acquisitions, he aims to secure more properties, confident in his team’s ability to succeed amidst risks.
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