In the last 20 years I have accumulated a few stories of buyers and sellers with shopping centers and while I can’t share all of those for confidentiality reasons, I can share some things I would do if I were buying a shopping center today. These steps aren’t in most checklists, but they’ll tell you far more about the property than a rent roll ever will.

1. Ask for the General Ledger
Request the general ledger for the past two years. This document exposes the story behind the numbers. You’ll see rent that was quietly forgiven or expenses that never made it into the financial summaries. Reports and estoppels look clean, but the ledger shows where the dirt is buried.

2. Talk to the People Who Really Know the Property
Take the maintenance engineers and key vendors for drinks or to dinner. Ask them what major repairs were proposed but never approved. Ask what they assume broke when they get a call at three in the morning. They’ll tell you exactly where the problems are.

3. Visit as a Customer
Go shop and eat at the center. Is the restaurant busy or empty? Is the food good? Is the veterinarian booked months out and clogging up the parking lot? What you see as a customer will tell you what kind of experience tenants are delivering to their customers.

4. Read the Reviews
Check Google reviews and social media for each tenant. You’re looking for clues like “closed when they should have been open” or “the owner was rude.” A lack of online presence can also be a red flag. The public’s perception of your tenants affects the property’s long-term health.

5. Talk to the Leasing Team
Meet with the current leasing agents. Ask what deals fell through and why. Find out if they want to stay on with the property. Ask who’s called looking for space that couldn’t be accommodated. Those leads can point you to unmet demand in the market.

6. Find the “Mayor”
Every shopping center has one tenant who knows everything that’s going on. They can be helpful or difficult, but they always have influence. They know who’s moving out, who’s struggling, and what the tone of the center really is. Get to know them early.

7. Drive to the Property from Different Directions
Approach the center from at least three routes. Notice the signage, lighting, and visibility from each direction. Pay attention to how the surrounding neighborhoods change as you get closer. Demographics can shift quickly, and that affects your tenant mix.

8. Inspect the HVAC Units
Don’t overlook HVAC systems even in occupied spaces. Even if tenants are technically responsible, a failed unit can hurt their ability to pay rent or renew. Have them inspected so you know what’s coming.

9. Review Alcohol Sales Data
In most states, alcohol sales are public information. Use those numbers to estimate restaurant performance. There are benchmarks for how much alcohol typically makes up total sales for different restaurant types.

10. Check Sales Data from Tax incentives
In smaller markets, larger centers often have tax incentives. If the anchors don’t report sales, you can file a Freedom of Information Act request for their sales tax contributions and estimate from there. Just remember that grocery sales are often tax-exempt; you will need to make some assumptions to adjust accordingly.

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