|
|
|
Septembert 2015 Vol. 7 Issue 2
|
Dear Friends,
It was the lead article in a Long Island business publication not long ago, but not news to the commercial brokerage community. A shortage of available industrial buildings is causing prices to rise substantially. With the availability of low-cost financing and economic incentives, this is most pronounced in buildings for sale. But more recently there has also been a shortage of quality buildings for lease. Brokers are seeing this in the form of multiple competing offers on the same building.
Yes, of course, business confidence has been growing nationally and locally. But one element that is not often discussed is the lack of new construction on Long Island. There are a few build-to-suit projects underway or recently completed, but with one or two exceptions, there is virtually no speculation building of industrial property in Nassau and Suffolk counties. In the 1980s, industrial "shells" dotted the industrial landscape. These were buildings whose exteriors were completed, but awaited an interior finish custom-designed for the buyer or tenant. This delivery method basically stopped dead in its tracks when financial institutions refused to finance new construction without a corresponding lease or contract of sale in hand.
What does this mean to you? I foresee a continued rise in prices due to a diminishing supply. If you will need to expand your facility, start looking now. And assume any building that interests you is interesting to others!
"Oh the possibilities!"
David G. Hunt
|
|
Commercial Real Estate Designations
by David G. Hunt
|
Q: I have noticed the string of initials after your name. What do the initials mean? Should we only work with a real estate professional who has designations?
A: While it is not necessary to have these designations for a broker to be a true professional, they almost guarantee that he or she is one. All of the real estate designations that I have earned represent a very rigorous course of study, exams, and usually a demonstration of many years of experience and volume.
The Master of Corporate Real Estate (MCR) is granted by Corenet International, a worldwide organization of corporate real estate executives. The coursework has a strong financial component, which emphasizes the critical need for understanding corporate real estate's linkage to the corporate bottom line. Strategic approaches are presented in portfolio management, aligning real estate to business strategy, outsourcing and partnering, technology and workplace strategy. To complete the MCR designation I took 100 hours of classroom instruction and five exams, followed by a one-week long "capstone" course given at MIT.
A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. The CCIM curriculum consists of four core courses (160 hours of instruction) that incorporate the essential CCIM skill sets: financial analysis, market analysis, user decision analysis, and investment analysis for commercial investment real estate. Additional curriculum requirements may be completed through CCIM elective courses, transfer credit for graduate education or professional recognition, and qualifying non-CCIM education. Following the course work, candidates must submit a resume of closed transactions and/or consultations showing a depth of experience in the commercial investment field (mine was nearly 2 inches thick and demonstrated with executive summaries and a case study over $30 million in real estate transactions.) After fulfilling these requirements, candidates must successfully complete a comprehensive, day-long examination to earn the CCIM designation. Only 6 percent of the estimated 125,000 commercial real estate practitioners nationwide hold the CCIM designation.
The SIOR designation is certified by the The Society of Industrial and Office REALTORS,© the leading professional commercial and industrial real estate association. SIOR has certified almost... Click here for full article
|
|
Property Highlight
125 Newtown Road
Plainview, NY
SPACE FOR LEASE
|
|
|
Companies on the Move
| |
Nationwide Displays is moving to 110 Windsor Place, Central Islip... IDJNOW is moving to 100 Christopher Street, Ronkonkoma... National Aluminum is moving to 200 13th Avenue, Ronkonkoma... 631 Coatings leased at 258 Broadhollow Road, Farmingdale... Flos USA leased at 99 Lafayette Avenue, Syosset... Geico leased at 100 Duffy Avenue, Hicksville... Appliance World leased at 90 Plant Avenue, Hauppauge...
|
|
Financing File
| Current Market Rates and Programs for the Long Island Commercial Marketplace
The SBA 504 loan program offers long term (10 or 20 years) fixed rate subordinate mortgage financing for the purchase and renovations of existing buildings or new buildings and equipment. Loans are up to 40% of the project cost..... (MORE) |
|
Our Corporate Headquarters
17 Dupont Street, Suite 4
Plainview, NY 11803
516-937-1000
www.huntcorp.com
|
|
|
|
|
COMPARABLE SALES IN THE LAST 12 MONTHS
| City | Address | Property Type | Size SF | Office SF | Acres Total | Sold Price/SF | Sold Date |
|---|
| Ronkonkoma | 100 Christopher Street | Industrial | 20,000 | 3,300 | 1.2 | $90.00 |
9/21/2015
| | Amityville |
415 Bayview Avenue
|
Industrial Retail
|
5,070
|
|
0.30
|
$130.18
|
9/1/2015
| |
Glen Cove
| 37-39 Glen Street | Office | 14,625 |
| 0.23 | $102.56 |
8/25/2015
| | Woodbury | 185-205 Froehlich Farm | Office | 30,373
|
| 2.24 | $189.31
|
8/18/2015
| | Glen Head | 333 Glen Head Road | Office | 24,000 |
| 0.74 | $97.92 |
8/6/2015
| |
Lynbrook
| 67 Prospect Avenue North | Industrial | 14,000 |
|
0.50
| $60.71 |
8/2/2015
|
For more Recent Sales, click here |
|
©Copyright 2010, All Rights Reserved. The content of this web site may not be reproduced without the written permission of HUNT Corporate Services, Inc. All information is from sources deemed reliable and is subject to prior rental or sale, errors, omissions, change of price and withdrawal without notice.
|
|
|
