Stay in the Loop With These 5 Must Reads From August
Welcome back to LoopedIn — a monthly recap of the most noteworthy articles on commercial real estate trends, projects and market insights to help you navigate the industry and stay in the loop.
This month, we celebrated the stories of those venturing into commercial real estate for the first time.
For the debut installment of LoopNet’s new ‘My First CRE Investment’ series, a California house-flipper-turned-retail-property owner walked us through the process of buying his first commercial property back in 2016 and growing his portfolio to 14 buildings. On the tenant side, a Virginia couple navigated the process of starting a business and converting a former furniture store into their city’s first indoor pickleball court. And in Toronto, an architect purchased a building for her practice in a deal that ended up not only making her a landlord by leasing excess space to other tenants, but transformed the building into a community hub.
For entrepreneurs willing to take on an unfamiliar, first-time endeavor, these scenarios showcase the rewards that await.
August's Top 5 Must Reads
Husband and wife pickleball enthusiasts-turned-entrepreneurs Nicole and Jack had to find just the right building to realize their vision of creating Richmond, Virginia’s first and only indoor pickleball facility. Settling on a vacant furniture store in a big box-anchored shopping center 20 minutes from the city, the couple’s renovation enabled them to fit eight regulation-sized courts in the space, along with lounge areas and a small pro shop.
David Friedman, CEO of RealicoreRealEstate, started investing in commercial real estate seven years ago with the purchase of a 2,400-square-foot retail property in San Bernardino, California. He now owns 14 commercial properties. Here’s how he did it — from closing on his first building to growing a real estate portfolio that’s helping to revive the city of San Bernardino.
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Over the last 12 months, markets in Florida have dominated office rent growth even as nationwide fundamentals slow down or decline. Of the 10 U.S. markets with the highest rent growth in the last year, seven of them were in Florida. For investors looking to capitalize on the Sunshine State’s rent growth, LoopNet chose five Florida cities ranked in that top 10 list and compiled a sampling of office properties for sale right now for less than $15 million. The options range from a $3.15 million converted warehouse in Miami’s Little River district to a sleek and modern, award-winning building on eight acres in Sarasota with a $15 million price tag.
Individual restaurateurs and bar owners are required to have liquor licenses to sell alcohol. But commercial landlords and REITs are increasingly pushing to get entire shopping centers covered under one license that allows visitors to carry those purchased drinks throughout the rest of the premises. The reason why? Being able to walk around shopping districts with drinks gets customers to stay longer, and boosts overall sales.
Architect Heather Dubbeldam wanted to relocate her firm from downtown Toronto to a neighborhood closer to her home and found a building within walking distance. But the building she purchased was much larger than her company needed, so she decided to lease space to local businesses including a coffee shop and even her husband, who now runs a coworking space on the second floor. In the process, she turned an underutilized property into a center for the local community.
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