|
Northern Michigan's Commercial Real Estate Newsletter
|
|
Where has the time gone? It's been a while since we published our Newsletter. Not because we didn't want to, but because the market has been hot and we have been busy. For details on how hot it has been, see the Market Recap below.
Also below is an article detailing the state of Industrial/Manufacturing Market and the lack of inventory due to a large sell off in the spring as well as an article about some notable sales made in the past 6 months. We're always looking for great inventory to sell. If you would like some help, please let us know.
|
|
2012 Commercial Real Estate Market Recap
 This winter and early spring sure was a shot in the arm for the Commercial Real Estate Market in Grand Traverse County! Not only did we see the temps get hot early, but the sales were hot as well. Transactions for the first 6-months of this year totaled 241,751 SF and amounted to $10,872,400 in sales, which is way up from this same time period last year were we had only 113,297 SF of inventory totaling $6,165,940 in sales. Some of the big movers where in the Industrial/Manufacturing market. More SF was sold in this market in the first few months of this year than all of 2011. (For more on this, see the story below) The Retail/Restaurant property sales seem to be on track with where they were last year with the Office/Medical market lagging due to some large office sales in Copper Ridge last year. 2012 MARKET RECAP - SOLD PROPERTIES YTD BLDG TOTAL AVG AVG AVG SOLD AVG DAYS TYPE SF BLDG SF SOLD PRICE PRICE/SF ON MARKET Office / Medical 35,696 7,139 $580,000 $107 240 Industrial / Warehouse 171,357 11,424 $319,107 $44 438 Retail / Restaurant 34,698 4,957 $300,700 $71 328 *All sales data is reported by Traverse Area Association of Realtors
To download the full Market Report, Click Here.
If you have any questions regarding this report or have interest in selling your property or buying a new one, Contact Us
|
|
WHERE DID ALL THE BUILDINGS GO?
Industrial/Manufacturing Inventory Sold in 2012
 | 1732 Barlow Street
(For Sale or Lease) |
If you were waiting for the bottom and you blinked, you might have missed it. It's behind us and we are on the way up. In the last year we saw a rapid absorption of inventory with seven big box industrial buildings being sold with one more currently under contract, absorbing 360,937 sq ft of available space.
Only three large industrial buildings remain available for sale. If you are looking to lease, you only have four large industrial to choose from. See chart below.
| AVAILABLE FOR SALE | SQ FT | | 1610 Barlow | 41,500 | | 1567 W S Airport | 80000 | | 1732 Barlow | 61760 |
| AVAILABLE FOR LEASE | SQ FT | | 6893 Sullivan Rd | 30,000 | | 2382 Cass | 17000 | | 1610 Barlow | 27996 | | 1732 Barlow | 21760 - 61760 |
Three West is very familiar with this remaining inventory and is happy to set up showings or answer any questions you may have regarding these available spaces. Click Here to Contact Us
|
|
SOLD!
Notable Sales By Three West This Year So Far
2170 Traversefield Drive
- Building Size: 20,100 SF
- Property Type: Indus/Mfctg
- List Price: $825,000
- Sold Price: $775,000
- Sold Price/SF: $39/SF
- Month Sold: March
2364  Traversefield Drive
- Building Size: 47,625 SF
- Property Type: Indus/Mfctg
- List Price: $1,595,000
- Sold Price: Not Disclosed
- Month Sold: March
343  Hughes Drive
- Building Size: 20,700 SF
- Property Type: Indus/Mfctg
- List Price: $625,000
- Sold Price: $550,000
- Sold Price/SF: $27
- Month Sold: April406 S Union 
- Building Size: 3,900 SF
- Property Type: Retail
- List Price: $549,000
- Sold Price: $450,000
- Sold Price/SF: $115
- Month Sold: May
4144 M-72 
- Building Size: 3,600 SF
- Property Type: Retail
- List Price: $379,000
- Sold Price: $325,000
- Sold Price/SF: $90
- Month Sold: MayWe are always looking for great Inventory to sell. If you are considering selling your property and are interested in speaking with one of our associates, please contact us. Click Here to Contact Us.
|
