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Commercial
Real Estate
&
Industrial Property
If you're looking for industrial
buildings, retail property, an office building or office
space please make use of our convenient commercial
real estate search engine. Specity Weber or Davis
County, the cities in which you're interested in locating
or investing (eg: Ogden, Layton, Clearfield, Syracuse),
type of property, and price range. At the bottom of the
search engine press the smaller button "view
all properties"
Are
you looking for guidance on the sale, purchase, or lease
of commercial property in Northern Utah? Maybe you just
want to make your hard earned dollars work a little
harder by exploring investment opportunities.
Fortunately, you've come to the right place. My office is
a local agency specializing in commercial real
estate exclusively in Greater Ogden. One of the
most gratifying aspects of real estate agency is placing
a new business in the Utah's Greater Ogden Area. As
business thrives here, so do the communities.
Since
getting into the commercial specialty just a few years
ago, we have sold about $9 million dollars of commercial
real estate inventory. And a remarkable 74% of our
listings were sold by our own agents! Of our commercial
sales, $2.6 million were industrial properties, and we
sold an amazing 86% of our own industrial listings!
When
chosing a location for your investment or business be
sure to consider the
local business incentives
Industrial
buildings encompass a wide variety of property uses such
as manufacturing, processing, storing, transporting,
research and development. Warehousing is included in the
industrial classifications and most have some office
component in the building. Office/Warehouse properties
are typically flexible, general-purpose buildings that
can be adapted to a small-user's needs.
Use the Industrial Property Checklist or the Industrial Property Improvements
Checklist
to help you evaluate industrial property.
Industrial differs from other
real estate types in the following ways:
- Height is a significant
dimension.
- Utility is the
overriding factor.
- Little concern for the
"public."
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Office buildings
range from small, owner-occupied properties to multi-building
office parks. Office suites may also be an important
portion of "mixed-use" developments, both in
new construction or historic rehabilitation properties.
Consider carefully what type office space would be most
suitable to your business. If you make a mistake, you
could end up paying too much for a lot of years.
Use the Office Property Checklist to help you evaluate
office space.
| Consider what "class"
of office property is most appropriate for you: Class
A Property:
Building has excellent location and access to
attract the highest quality tenants. Building
must be superior construction and finish,
relatively new or competitive with new buildings,
and providing professional on-site management.
Class B Property
Building, with good location, management, and
construction land tenancy. Can compete with low
end of Class A.
Class C Property
Generally an older building with growing
functional land or economic obsolescence.
Typically, a higher price per square foot will be
paid for "Class A" property than "Class
C".
Class D Property
Older building in need of extensive
renovation as a result of functional obsolescence
or deterioraton.
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Retail Properties
can range from a single, one-tenant building to over a
million square feet of assorted shops that display goods
or sell services to the public. There are three general
categories of retail properties:
Shopping Center
A group of stores catering to a trade area, which offers
a variety of goods and/or services and on-site parking (the
tenant "mix").
Free Standing
Store
One commercial building meant to be occupied by a single
user. It is typically found near major shopping centers
on major routes, and fills a specific need in the area.
Commercial Strip
A string of stores in a commercial area with no central
leasing, management, or theme.
Things to consider
before leasing or buying retail property:
- Improvement
allowances -- what the landlord
budgets for carpeting, tile, bathrooms,
etc.; additions to basic leased area.
This allowance is sometimes called "T.I."
(tenant improvements).
- Location --
traffic counts, ease of access to store,
convenience to shoppers.
- Cost of
occupancy -- expense pass-through,
improvements, insurance, etc.
- Overall draw of
customers to center -- does center
have a steady stream of shoppers?
- Demographics
-- are goods or services attractive to
people in the trade area?
- Effectiveness of
management -- does the landlord
respond to complaints or suggestions?
- Parking
availability -- is there adequate
parking for customers?
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Primary concerns
for buyers:
- Physical
condition of property --
price should be adjusted to reflect the
condition of building.
- Net
income generated by leases
-- what is left after expenses
of operation are paid?
- Occupancy
level and tenant mix
-- are there vacant ("dark")
spaces; are tenants attracting shoppers?
- Stability
of tenants -- turnover rate;
how long have tenants occupied the
center?
- Upside
potential in income --
are rents under market; do leases
escalate to keep pace with inflation?
- Protection
from large increases in operating
expenses -- tenants share in
expense increases; physical condition of
center is good without deferred
maintenance.
- Area
growth patterns --
is area gaining or losing population?
Will new competition emerge?
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James E.
Bohne, Jr., REALTOR®
Mobile: (801) 791-9579
Office: (801) 476-9500
Fax: (801) 476-9581
E-mail: j.e.bohne@att.net |
Crest Realty
Inc.
Equal Housing Opportunity.
Equal Opportunity Employer. |
Copyright © 2005,
James E. Bohne, Jr., All Rights Reserved
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