When to buy that old mostly vacant large strip center?

[Shak Noor]

I'm sure we've all seen them in our towns, large retail strip centers, the facades look old and dated, the center is 50% occupied at best.  We've seen them for sale, but when does it make sense to actually buy one of these and what does it take to make it a successful investment?  Is it worth the risk, or are the cards stacked against you?

I would think you could put a new facade on the building and update interiors as needed, but I doubt any national tenants will all of a sudden move in, I could be wrong but just my gut.  

Has anyone attempted this sort of value investing, did it work out?  Or should you just stay away or maybe look at converting to a different type of use for the land/building?

Thanks,

Shak