91视频

Real estate development these days can require finding new purposes for empty buildings so that inactive areas can be reinvigorated.

That kind of business suits Corvallis-based Dickerhoof Properties.

鈥淏uilding new is kind of boring because you know what’s going to happen,鈥� said Darren Dickerhoof, a partner in the company. 鈥淭here’s just something exciting about tearing into a wall of an older building. You never know what you’re going to find.鈥�

Darren Dickerhoof and his father, Gene, and his brother, Matt, have found a niche over the last decade buying past-their-prime shopping outlets and vacant big-box stores and then converting them into smaller, modern retail spaces.

The Dickerhoof brothers grew up helping their dad build high-end homes in Carmel, Calif., and Pebble Beach, Calif. Both Darren and Matt pursued construction engineering management degrees at Oregon State University. Gene later joined his sons in Corvallis, and the Dickerhoofs began building homes. Eventually, they turned to rehabilitations of commercial spaces such as office buildings and apartment complexes.

Then, in 2001, the Dickerhoofs purchased a large, aging retail center in Corvallis. They spent $500,000 remodeling it into a neighborhood shopping center anchored by a Grocery Outlet. That project set them on their way.

鈥淪ince our first project we’ve stuck exclusively with retail,鈥� Darren Dickerhoof said. 鈥淲e’ve repositioned about 650,000 square feet of retail over that time and built about 100,000 square feet of new retail space.鈥�

In one project, the company purchased the nearly vacant Jefferson Square Mall in Klamath Falls and converted it into a modern shopping development with spaces for Petco, Office Depot, Borders and Famous Footwear.

Earlier this month the Dickerhoofs purchased a vacant Costco building in Warrenton. They plan this summer to tear half of the building down and convert it into parking. The remaining space will become three retail spaces; Big 5 Sporting Goods and Jo-Ann Fabrics & Crafts have signed leases, and 6,700 square feet of space is available. More than three acres of the original parking lot was sold to neighbor retailer Fred Meyer.

The biggest reason for buying old buildings instead of building new ones, Darren Dickerhoof said, is that shopping centers and big box stores are always in the best locations for retail. Moreover, communities often grow around large retail developments. This is an attractive selling point to national retailers, he said.

The Dickerhoofs also have discovered that, especially in Oregon, government officials and community members prefer projects that use existing buildings rather than build new green ones.

鈥淚t’s a lot less of a headache, that’s for sure,鈥� Darren Dickerhoof said. 鈥淧eople see it as more of a community benefit 鈥� which it is 鈥� than building on an empty lot.鈥�

The company’s efforts received recognition from both the city of Klamath Falls and the city of Corvallis. Dickerhoof Properties also has built relationships with national retailers such as Grocery Outlet and Big 5.

鈥淲ith them, it’s always hard to do the first project,鈥� Darren Dickerhoof said. 鈥淏ut after the first deal, if you treat them well, they will partner with you.鈥�

Such connections, he said, have helped the company navigate through the recession.

鈥淲e have been lucky, because I never could imagine how quickly things got back in 2008,鈥� he said. 鈥淲e were just lucky that we had good tenants and good projects.鈥�