CVL Commercial Real Estate Highlights
A Brief Summary for the year ending December 31, 2013
|COMMERCIAL REAL ESTATE UPDATE
ON A PERSONAL NOTE: I want to take this opportunity to thank both the many clients who encouraged me to explore new horizons and take 2012 as a “gap year” in the midst of an exceptionally slow real estate market, and to Joe Bonistalli, Associate Broker at Bob Kahn Realty & Investment, for working closely with my clients during that period. 2013 was a great year in commercial real estate for me and 2014 promises to be even better. Please let me know how I can help you with your commercial real estate needs in this new year.
- 2013 was a turnaround year for commercial real estate in our area. Activity started slow but picked up significantly as the year progressed.
- Downtown Charlottesville was a significant driver of commercial demand with large and small tenants driving the robust office market. Not so much in the suburban areas and surrounding counties.
- Breaking News... At year end one of the most exciting transactions of 2013 closed. The Hardware Store Building on the Downtown Mall, purchased in XXX for XXX then deeply renovated and beautifully finished, was sold as a fully leased investment property for $6,000,000.
- Other significant 2013 events included the sale of the Historic Coca-Cola Building, a downtown redevelopment opportunity on Preston Avenue, which was listed and sold in just xxx days, and the robust redevelopment activity on West Main Street including the approval of more than XXX new student housing beds (with more going through the application process).
- The impact of the Great Recession on Retail finally gave up its grip as new area retailers like Gander Mountain opened on Rt 29 and Costco announced it will be going into Stonefields, which continued to slowly open new storefronts.
- Expect the robust momentum in commercial real estate to carry forward to 2014. If I can help you, as I did these folks, please give me a call at (434) 245-5050. As we've promised since 2002, "You Will Profit from our Knowledge".
For breaking local commercial real estate news and insights follow us on Twitter at @bobkahnrealty
Best wishes for a prosperous 2014!
Bob Kahn, Principal Broker, Bob Kahn Realty & Investment
(fyi- we'll be moving to a new downtown location in the very near future!)
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