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Updated about 5 years ago on . Most recent reply
Strip center redevelopment
Investment Info:
commercial investment investment.
Purchase price: $475,000
Cash invested: $1
Complete redevelopment of strip center to climate control facility.
What made you interested in investing in this type of deal?
I believe a real estate investor needs to specialize. We specialize in single family up to small apartment building and self storage.
How did you find this deal and how did you negotiate it?
Cold call
How did you finance this deal?
We pledged other real estate owned for the down payment.
How did you add value to the deal?
Redevelopment of property
What was the outcome?
In process of redevelopment.
Lessons learned? Challenges?
So far befriend the owner and stay in touch. I am sure I will learn more when this get done.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No
Most Popular Reply
Here is an update on my strip center self storage redevelopment. Everything is going well the center has been completely clean out and now I only have four walls, a roof, and floor. (we still have the ac(s) on the roof and the main electric panel) The city is making us install some firewalls that way I will not have to install a sprinkler system. I meet with an engineering company that way I can get some drawing on the firewalls. Until I get the drawing my GC will not be able to pull a building permit. So I am hoping the engineering company does not take to long. Other than that phase one of the project includes outside parking yet again the city is thinking they want me to have the planing commission approve the parking lot or at least have the city planner sign off on it. With that being said so far the city has been good to work with and they seem to be willing to let me do what I would like to so far on the project. At the same time I am getting pricing with my subcontractors and working with my self storage design guy due to the units having to move around because of the firewalls. See below for a picture.