Law360, New York (September 8, 2014, 11:51 AM EDT) -- A fast-growing element of shopping center redevelopment is the conversion and refurbishment of shopping center outparcels from outdated uses. Investors are enticed by well-located outparcels on the outskirts of existing shopping centers. Anchor stores in regional malls may want to convert their underutilized parking lots into a revenue source by carving out and leasing part of those lots to new users. However, decades-old restrictions governing the use and operation of shopping centers and outparcels may hamper outparcel redevelopment in unexpected ways. Monitoring those restrictions closely are the shopping center developers wanting to protect their occupancy rate and tenant mix (and perhaps having their own redevelopment plans). Lenders also consider the scope and interpretation of these restrictions when underwriting loans....