September | 2013
NORTHERN MICHIGAN'S COMMERCIAL REAL ESTATE SOURCE

What a great summer in Northern Michigan.  the weather was once again perfect for taking full advantage of our beautiful area we call home.  Not only was the weather excellent, so was the Commercial Real Estate Market.  Business was at a record high over the summer and it is reflected in the Market Analysis below.  Keep a look out for October's Newsletter with some even better statistics.
Three West Is #1 Commercial Real Estate Broker in Northern Michigan 
 
The Traverse City Business News publish an article in their August Edition highlighting the top Real Estate companies in the 5-County Area surrounding Grand Traverse County.

Three West would like to take this opportunity to thank all of our clients for helping us to become the #1 Commercial Real Estate firm in Northern Michigan for combined Market Share and Sales Volume.
Market Report through August 2013

The summer turned out not only to be a beautiful one, but a busy one as well. The increase of activity that we saw in the beginning of this year came to fruition with record numbers this summer.  At Three West, over the months of June, July and August,  we saw a 30% increase in business over the same time period last year.  This is consistent with the national trend of a 20% increase across the U.S., as detailed in the CoStar Article below.

Last year's rebound was fueled heavily by the Industrial Warehouse / Light Manufacturing market.  This year's activity has been solid across the board with a good mix from each of the three major markets.  Over the summer we saw an increase in Professional Office space leasing that has been non-existent in the past 24 months.  Below is a snapshot of the Local Market year to date.

MARKET ANALYSIS FOR PERIOD FROM JAN. 1 - AUG. 31
PROPERTY
TYPE 
TOTAL BLDG SF
SOLD  
# OF
PROP
'S
SOLD
AVG
BUILDING
SF
AVG SALES
PRICE 
AVG SALES
PRICE/SF

OFFICE /
MEDICAL
28,496
10
2,850
$196,250
$94
INDUSTRIAL /
WAREHOUSE
82,992
10
8,299
$216,700
$35
RETAIL /  
RESTAURANT
42,216
8
5,277
$333,496
$81
TOTAL
153,704
28



*Market data has been pulled from the NGLRMLS for Grand Traverse County

TO VIEW THE FULL MARKET REPORT - CLICK HERE

 

CRE Investors Widen Hunt For Yield
Latest CoStar CCRSI Analysis Finds Commercial Real Estate Prices Continue Positive Momentum in July

 

Prices for U.S. commercial property continued to rebound from their post-recession lows as investors hunt for higher returns and take advantage of more favorable liquidity conditions to expand their property holdings across more secondary markets and asset classes.

According to the latest CoStar Commercial Repeat Sale Indices (CCRSI) released this week, pricing trends maintained their positive trajectory based on commercial property sales through July 2013 with the two broadest measures of aggregate pricing for commercial properties within the CCRSI index, the value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index, both increasing over the previous month.

Not only are investors buying more commercial property -- transaction volume over the three-month period from May - July 2013 is up 20% from the same period a year ago -- other liquidity measures point to a more accommodating market for real estate transactions.

To read the full article, click here

Article courtesy of Tim Trainor, CoStar Group
New To The Market
Here are just a few Properties that have come onto the market in the last couple months.

PROPERTIES FOR SALE

US-31 - Grawn

- 8.1 Acres   

- $249,000  

- Over 600 Feet of highway frontage

- Across from Apple Fence company   

- MLS# 1776079 

 

 

E Silver Lake Road & Rennie School Road

- 54 Acres  

- $499,000  

- Ideal Residential Development Site near Silver Meadows and Wuerfel Park 

- MLS# 1748420

 

- 3,224 SF Medical Office | House 

- $320,000  

- This is a live / work set up with a medical office and attached personal residence   

- MLS# 1775409

 

- 3,135 SF Total    

- $395,000

- Sale includes 2200 SF Office building and 792 SF House converted to additional office  

- MLS# 1749999

 

2300 S Airport Road

- 15,784 SF Light Industrial | Distribution      

- $630,000  

- Rare Building with Loading dock and fenced yard with great east-west accessibility  

- MLS# 1748963

 

- 10,600 SF Office Building      

- $925,000  

- Fully leased investment Property consists of two buildings in beautiful wooded setting  

- MLS# 1748596    

 

- 13,825 SF Retail | Warehouse     

- $1,900,000

- Prime space along US-31 Retail Corridor located directly between Red Lobster and the new BMW Store   

- MLS# 1775658    

 

 

PROPERTIES FOR LEASE
5110 W M-72
- 3,600 SF Light Industrial | Service Bldg
- $1,000/month plus Util's & Snowplowing
- Located on M-72 behind the Hayloft
- MLS#1749360    

 

 

525 W Fourteenth Street

 

- 2,182 SF Office space 

- $2,364/month Plus Utilities + 

- Busy street and great visibility 

- MLS# 1775281

 

 

3529 W Front Street

- 2,070 SF Medical Office Space 

- $2,932/month Plus Utilities 

- Each office plumbed for sinks, private sidewalk to hospital from rear door.  

- MLS# 1775907

 

 
IN THIS ISSUE
Three West #1 CRE in NWMI
Market Report Through August
CRE Investment Activity Up Nationally
New Properties on the Market
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