The acquisition of any large commercial property involving multiple players is a highly detailed, complex matter. It is in the best interests of all parties for such a deal to be both guided, and negotiated, by a skilled commercial real estate attorney. Often, in the case of shopping mall acquisitions, purchase amounts can reach multi-millions, if not billions, of dollars. We don't know about you, but if we are spending that kind of money, we want the eyes and knowledge of every expert we know reviewing the documents.
Massachusetts real estate developer Weiner Ventures recently announced it was cancelling a major project that would have built two high-rise buildings over the busy Massachusetts Turnpike in Boston. Weiner referred to the project as 1000 Boylston Street.
Commercial real estate has been heating up in Quincy over the last several years. A one-acre property known as the Messina property, has changed hands a few times over the last decade and has been a sore point for taxpayer dollars. With a downtown revitalization a priority for city council, the property has now been voted on by city councilors to take the property in its entirety for $6.8 million.
They say, being at the right place at the right time, is the key to success. Essentially, timing is everything. So when trying to decide on a commercial real estate location for your business, it's a huge decision that can have a real impact on your business. Here is what to consider when deciding where to set up shop.
In previous posts, we've covered the commercial real estate proposal in downtown Quincy. As a refresher, the large-scale project is on the footprint of the old hospital, in a residential area. There has been much back and forth about the project, and strong opinions on both sides of the issue. There has been more pressure put on the planning board to come to a decision on several issues affecting the project.
Many would call the commercial real estate boom in Quincy part of a larger transformation. A city some would have called run-down is now seeing the landscape of the city change with an influx of investor money and real estate projects in recent years. A hotel, mall and mostly, commercial residential real estate projects make up the changes. However, many claim that the projects and, specifically, the residential real estate additions are making rent unaffordable for many.
Business owners and managers often shoulder the responsibility of ensuring everyday business needs are met. For many businesses, having a physical space to conduct operations or house their employees is necessary to conduct business. A business can either rent commercial real estate or purchase property. For those that rent, the business will likely need to agree to a lease with the landlord.
All cities have zoning for residential and commercial projects. Occasionally, the two bump against each other and can cause conflict. A new commercial property has is attempting to be zoned near residential properties in Quincy and there are heated opinions on both sides. While both sides have valid points, only one party will get their way in terms of the proposed large scale commercial real estate project.
With the constant flipping of real estate in and around Quincy, another potential project has hit the radar. The old home of the Registry of Motor Vehicles offices at 165 Liberty St in Springfield has seen many offers for retail and/or restaurant enterprises. Located at a busy intersection, the area has 22,000 people driving by on the daily and 100,000 people in the immediate area. Offers have proposed everything from fixing up the building and land to tearing it down to start fresh.
If you own or manage commercial real estate, you know there is always some tiny detail of property management that can easily get overlooked. The question is, will it get overlooked? With 2017 officially at a close and 2018 underway, it has brought lots of questions about the change in tax laws. While changes to the tax code were just revealed by President Trump, people are still unsure of how that will apply to commercial real estate owners and those who are thinking of negotiating a contract for the purchase or sale of a commercial property in 2018.