January | 2014
NORTHERN MICHIGAN'S COMMERCIAL REAL ESTATE SOURCE

Happy New Year! It was a busy end to 2013 and we look forward to same in 2014.  In this edition you will find the Year End Market report as well as a call for new listings followed by some new properties to hit the market in the last month or so.  Here's to a prosperous and successful 2014!
2013 Year End Market Report
Year Finishes Strong to Keep Pace with 2012

The Commercial Real Estate Market in 2013 ended with a bang as we saw the busy fall continue through November and December with above average activity. This past year just eclipsed the totals in 2012 for both Total Building Square-footage Sold and in Total Sales Volume.

The market also saw a slight decrease in the Average Sales Price/Square-foot for the Office/Medical and Industrial/Warehouse markets but a substantial increase in the Retail/Restaurant  sector.  Perhaps the reduction in the Price/SF of the Office/Medical and Industrial/Warehouse is due to the lack of available quality inventory of these property types and the properties sold this past year were of a lower class of building.  The increase in the Price/SF in the Retail/Restaurant
could be due to the spike in the amount of restaurants and micro-breweries that we have seen due to the publicity as a top-notch Foodie Town.  We also believe that Investors picked up some of the Retail Strip Centers that showed strong tenants and cash flows at fair market values.

So what's ahead for 2014? We are anticipating a lack of quality inventory across all market sectors, which should help bring the prices back up and begin to balance the field between buyer and seller.  And, maybe, just maybe, we will start to see some vacant land sold as businesses are pushed to have to build again to get what they want, a market that has been almost non-existent for four to five years.
   
MARKET ANALYSIS 2012 YEAR END VS. 2013 YEAR END
PROPERTY
TYPE 
TOTAL BLDG
SF SOLD
2012   
TOTAL BLDG
SF SOLD
2013
AVG. SALES
PRICE/SF
2012 
AVG. SALES
PRICE/SF
2013 
OFFICE /
MEDICAL
78,377
86,578
$100
$95
INDUSTRIAL /
WAREHOUSE
219,415
227,537
$44
$31
RETAIL /  
RESTAURANT
93,122
82,073
$65
$93
TOTAL
390,914
396,188


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

 TO VIEW THE FULL MARKET REPORT - CLICK HERE

 

We Need Inventory!
Success in 2012 and 2013 leaves hole in Market

 

With a total of almost 800,000 square feet of commercial real estate sold in 2012 and 2013, the back log of users and investors looking for just the right property and solid investments is growing.

We think this will be a great year for those selling their properties.  Some of the hot property types that we think will top the market in 2014 are:
  • Small standalone office buildings (2,000 - 4,000 SF)
  • Downtown Retail Spaces (800 - 1,400 SF) 
  • Mid sized Industrial Buildings (5,000 - 10,000 SF)
  • Multi-Tenant Retail and Office properties with strong tenant history and cash flow (10% CAP)
If you own a property that fits into one of these categories, or are interested in selling your property this year, please contact us.  We look forward to the opportunity to provide you with a Market Analysis.

You can contact us by:
  • E-mailing one of our agents (located in the column to the right)
  • Call our office at 231-929-2955
  • Visit our website at www.threewest.net 
New To The Market
Here are just a few Properties that have come onto the market since our last Newsletter.

PROPERTIES FOR SALE

305 W Front Street

- 1.75 Acres   

- $3,450,000  

- Large Development Property on Traverse City's west end with Boardman River frontage

- MLS# 1779397   

 

 

10281 Old 27

- 36,000 SF on 5.9 Acres

- $495,000 

- Warehouse | Distribution Center 

- Property also for Lease @ $7,500/Month 

- MLS# 1778645

 

- 3,000 SF Medical Office   

- $420,000

- Property also for Lease @ $3,500/Month 

- MLS# 1779267

 

- 4,575 SF on 1.92 Acres    

- $359,900

- Office/Warehouse building with pit area for large vehicle service, in-floor radiant heat 

- MLS# 1778929   

 

3344 Cass Road

- 4,000 SF Car Wash on 0.91 Acres      

- $288,000  

- Existing Car wash with great redevelopment potential 

- MLS# 1779334

 
IN THIS ISSUE
2013 Year End Market Report
Call For Listings
New Properties on the Market
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KEVIN ENDRES, PE

RICK DENEWETH, JD

DAVID FROST

STAN TORNGA, CPM

STEPHANIE ENDRES

ASHLEY ROKOS
 
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THREE WEST, LLC
COMMERCIAL REAL ESTATE | CONSULTING
231-929-2955