NORTHERN MICHIGAN'S COMMERCIAL REAL ESTATE SOURCE
Happy New Year! It was a great 2012 and we would like to thank all our clients again for making it a great year and helping Three West become #1 in Sales Volume for commercial sales in the Grand Traverse area. We saw some major upgrades to Three West last year including the new branding, launching of the new and improved website, and the addition of Ashley Rokos to our staff. Here's to a blessed and prosperous 2013!
|Market Recap For Year End 2012
It was a solid year for Commercial Real Estate in the Grand Traverse area in 2012. Overall Sales Volume was up 33% over 2011, $16.9 million vs. $12.7 million respectively. The total amount of Square-Footage absorbed last year was up 29% over 2011 with 390,914 square-feet sold in 2012 and 302,691 in 2011.
The property type making the biggest rebound this past year was the Industrial / Manufacturing properties. The average sales price was up 25% to $44/square-foot, up from $35/square-foot in 2011. Although there was an increase in absorption of square-footage in the Office / Medical and Retail / Restaurant property types, their average selling price was down with the biggest decrease surprisingly in the Retail / Restaurant markets. The average selling price/square-foot of the Retail / Restaurant property type was down from $103/square-foot in 2011 to $65/square-foot in 2012.
Overall, last year was a good sign for our area and we see that momentum carrying through to the beginning of this year. Activity is above average for a January and we are looking to have the best January we have ever had.
|Outlook Of SBA Loans In 2013
Yes, sometimes the federal government does get it right! While the news out of Washington D.C. is mixed at best with the gridlock on Capitol Hill, this is a great time to be reminded of the good programs that are out there to help small businesses, and in particular, the ones that are designed to create jobs. The U.S. Small Business Administration (SBA) has two loan programs that aid small businesses in doing just that.
One of the most effective tools is the SBA 504 loan program. These loans can be used for financing capital purchases such as buildings, equipment, and expansions. The ideal borrower for this program is a growing, for-profit small business (can be existing or start-up) that is looking to purchase a building. The business needs to be in a majority of the square footage. There are several advantages of the 504 program for borrower. This program offers a lower down payment than conventional loans, typically at 10%. With equity at 10%, the bank will lend 50% of project costs, and SBA will lend the other 40%. Additionally, the rate on the SBA piece is near record lows at 4.2%, but the best part is the rate is fixed for the entire 20 years!
|New To The Market |
Here are just a few Properties that have come onto the market within the last 60 days.
830 COTTAGEVIEW DR, STE 201
- 4,797 SF of Prof. Office Space
- $12.50/SF ($5,000/Month) NNN
- Located in Building 50
- Space also For Sale for $699,000
- MLS# 1741589
415 MUNSON AVE
- 6,840 SF of Prof. Office Space
- Can be broken into two suites of
- 3,978 SF (Suite 2)
- 2,862 SF (Suite 3)
- $14/SF Full Gross (Includes Util's)
- MLS# 1741622
831 GARFIELD AVENUE
- 3,771 SF of Retail Space
- $9/SF ($2,985/Month) NNN
- High Traffic Location
- Plenty of Parking with easy
- End Cap Location
- MLS# 1741344
1974 CASS HARTMAN COURT
- 21,000 SF of Indus/Warehouse
- $3.50/SF ($6,125/Month) Gross
- High Ceilings
- Inside Truck Dock
- MLS# 1740830
507 CEDAR STREET
- 4,100 SF of Bar/Restaurant
- Corner Lot on US - 131
- Includes Class C Liquor License
- MLS# 1741587
542 W FRONT STREET
- 2,394 SF of Retail/Rest. Space
- Liquor License and Inventory also
Available for Addtional Cost
- MLS# 1741579
418 S UNION STREET
- 3,520 SF of Retail Space w/ 1 Apt.
- Old Town Location
- High visibility with Onsite Parking
- MLS# 1741258
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