Commercial Land - New Listing on I-65 Interchange

I have a new Commercial Land listing on an Interstate Interchange in Shepherdsville, KY.   There are 77 acres on the southeast quadrant of I-65 and Hwy 44.  It is situated at exit 117 of I-65, 11 miles from Louisville International Airport and UPS World Port.    This property has great highway visability with approximately 2500 feet of frontage on I-65.   All utilities are available.  For sale at $120,000 per acre.  

For more information on this listing or other Commercial Land, give me a call or e-mail me.   My contact information is below.

Thanks and have a great day! 

David

David W. McCoy, MBA
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY  40299

office: (502) 379-6005
cell: (502) 905-5274
e-mail: DMcCoy@ccre.biz

Note - If you have questions about this or about any Commercial Real Estate, please feel free to contact me.   I am a specialist in Commercial Real Estate and I handle Office, Industrial, Commercial Land, Investment and Retail Properties.  I work with Landlords, Tenants, Sellers, Buyers and Investors.     I am also an International Property Specialist and have specialized training to help international real estate investors with real estate needs here as well as US citizens and companies needing assistance internationally.   Heck, I can even set you up with residential help if you need it.    Give me a call.  I would love to help.

Disclaimers - While the information provided is from sources which we deem to be reliable, Commonwealth Commmercial Real Estate cannot warrant this information.    All information provided is subject to review and verification by the interested party as part of the due diligence process. 

KCREA goes International

If you are looking for Commercial Real Estate in Louisville and you are asking a residential realtor and looking at the MLS, I'm afraid that you are searching about 7 or 8 years too late.    Please don't misunderstand, I am not knocking residential realtors at all.  It is just that the MLS eliminated commercial properties from their data base about 7 years ago.   

There are several on-line listing services which provide information on Commercial Real Estate.  I use several and I think that most of the commercial real estate specialists do as well.   Locally, KCREA, the Kentucky Commercial Real Estate Association, has most of those listings.   

KCREA is constantly evolving.  It is not perfect but it does seem to be actively trying to improve.   So I was pleased when I recently discovered that KCREA now has an option to translate the listing into several different languages.   If you do a search for a property and click on one, on the right side of the page, down several lines is an option to translate the page.  If you click on that option, several icons of flags appear.   If you are not familiar with the flags, when you roll over the flags, a label appears displaying the language.  (Languages include: Spanish, Chinese, French, German, Italian, Japanese, Korean, Russian and Hebrew)  Click on the flag and the page will translate.

Pretty cool.   Now, as Paul Harvey would say, the rest of the story.   I speak a little Spanish and truth be told, the translation is not perfect.   Still, while the translation could be a little better, it certainly would be largely understandable to a Spanish speaker.  They might be somewhat amused at the translation but I suspect that they would be able to get the basic information and a decent understanding of what it being offered.  

I for one, think that this is a big step forward.   In our market, this is not yet a major issue although, in our office, we have worked with Cuban immigrants, who spoke almost no English, Russian business owners, who fortunately were bilingual, and Chinese business owners, who brought their kids to translate for them.   In some of our high schools, the students are speaking 30 or 40 different languages as their native language.  

Check it out.   You can go to www.KCREA.com and do some searching.   Then click on the Translate option and select a language.   If you find that you need some help, let me know. 

Thanks for reading and have a great day!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY  40299

ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz

Let me know if you need help with Commercial Real Estate.  I am a licensed Real Estate Broker in Kentucky and Indiana and I specialize in Commercial Property.  I handle Office, Industrial, Commercial Land, Investment, and Retail properties.   I work with Landlords, Tenants, Sellers, Buyers, and Investors.     Heck, I can even set you up with some help from a residential realtor if you need it.  Give me a call.  I would love to help.

New Adventures

I have mentioned a couple of times that I am declaring 2013 to be the Year of Prosperity, which is all well and good but one might legitimately ask how I expect that to play out.   At the end of 2012, I sat down to think about how I wanted to direct my life and career.   

I thought about things that I really loved and things that I really wanted to accomplish then looked at the talents I had in my tool box to see how I might make that happen. 

• I love languages and cultures. 
• I love travel and exploring.  
• I love interacting with other people.  
• I have an extensive background in Commercial Real Estate. 
• I am conversant in Spanish.  
• I have traveled a lot through out the Americas.     

From that, I decided that I needed to explore some new areas.  The obvious first step is to look into International Real Estate.    To be honest, I am not really sure how people make a living practicing international real estate but I intend to find out.    My hope is that I will be able to incorporate a practice of International Real Estate into my practice of Commercial Real Estate.  

Step One - I am going to Costa Rica this year for a conference on International Real Estate where I will get to network with some practitioners and hopefully get some insights.   Also, I will complete the National Association of Realtors courses for a designation of Certified International Property Specialist.     After that, I will evaluate whether this is something that looks promising.  If so, I am considering going for a visit to Brazil later in the year.    

In any event, it is looking like 2013 is going to be an exciting year.   

When I get back, I will share some of my insights.     

Thanks so much for reading!  Hope you have a great day.

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

ofc: (502) 379-6005
cel: (502) 905-5274
e-mail:  DMcCoy@ccre.biz

Let me know if you would like some help with Commercial Real Estate.  I am a licensed Real Estate Broker in Kentucky and Indiana and I specialize in Commercial Real Estate.  I handle Office, Industrial, Commercial Land, Investment and Retail properties.   I work with Sellers, Buyers, Landlords and Tenants.   Heck, I can even find you some help with Residential Real Estate if you need it.   

Another Commercial Real EstateTax Trick

Seems like there is always more to learn.  I attended a conference on Monday and learned a new accounting trick for commercial real estate.   There is a procedure known a Cost Segregation which can allow you to reallocate some of the cost of the building in a way that can allow you to accelerate the depreciation.

Actually this trick has been around for a while but it is not widely known.   It is the result of a decision regarding HCA from I believe 1997.     The IRS then clarified the decision with a ruling in 2004 that specified what was necessary and acceptable to make these determinations.    Until this time, it was only practical for very expensive real estate transactions.  

Bottom line here is that this can lead to big tax savings.   

If you want to know more about Cost Segregation or other Commercial Real Estate issues, give me a call.   I specialize in Commercial Real Estate and handle Office, Industrial, Retail, Land and Investment properties.   I work with Landlords, Tenants, Buyers, Sellers and Investors.    

Have a great day!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

dmccoy@ccre.biz
Ofc: (502) 379-6005
Cel: (502) 905-5274

Could it be that the Recession is Over?

Earlier this week, I told some buddies that it has been so long since I saw a crane, I wasn't sure I could recognize one.   One responded, "What's a crane?"  The other told him, "It's a bird with long legs that lives near marshes."

We've been burned before thinking that the Great Recession was over.   Technically, I guess from its true economic definition, the recession has been over for nearly 3 years but this has been a recession without a recovery, so far.  

Perhaps, in Louisville at least, the recovery we have been waiting for is finally here.   We have had several indicators -

• Town Center retail center - known by most as the home of Tinseltown sold in late 2011 for close to twice as much as its purchase price just a few years before
• Cabela's, a large outdoor retailer, announced plans to build a new store by Lowes and Costco at Brownsboro Crossing. 
• Central Station retail center, close to Churchill Downs recently sold to an out of state investor
• River Ridge, in Jeffersonville, Indiana, has a new 1,000,000 SF warehouse being built by a so far undisclosed company
• Bullitt County has another still undisclosed company presently looking for land to build another 1,000,000 SF warehouse.
• The new North Hurstboure Parkway Class A Office building built by Faulkner, the only spec Class A Office building I can think of for the last several years, is nearly completely leased after only being officially open for a few weeks.

In addition, there are less concrete indicators -

• We have been getting inquiries from businesses that are suppliers to some of our larger employers, saying that they need more space to gear up for new contracts and increased activity.
• Whereas last year I would sometimes ask friends to call my phone to be sure that it was working, now our phones are ringing again.
• Several companies are now at least looking at new space.  Much of this is taking advantage of better lease rates while they are still down and long term leases are expiring.   Still, there is more activity than there has been in quite a while. 

As I mentioned in the outset, we have been burned before, so I won't be buying a new car right away.   Still, things are looking more positive than they have in quite a while.   

Hope you have a great day!

BTW - If you need some Real Estate help, give me a call!   I specialize in commercial real estate and work with Buyers, Sellers, Landlords, Tenants and Investors.  I handle Office, Industrial, Land, Retail and Investment properties.  Heck I can even set you up with help for residential properties. 

ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed here are my own and do not necessarily reflect those of Commonwealth Commercial Real Estate, its brokers, agents, or employees, other than me, of course.    Should you like to make a comment or offer another point of view, you may feel free to do so in the comments or you may contact me directly.   You should not feel free however to make any comments which are inappropriate or offensive.   Should I see any such comments, I will exercise my right to delete them.

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz

Louisville 2011 Retail Real Estate Review

If you are reading this and thinking that this looks very familiar, you may have already read one of my entries on 2011 Land, Office or Industrial activity.   I admit that I use almost the exact same format and even wording in order to make them a little faster to get out.   That said, I promise that you are not reading the same thing under a different title.   In that these reports are some of the most labor intensive reports I produce, I am simply trying to be as efficient as possible.   That said, let's get down to business.

I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Retail Market. Here is what I found -

The Numbers -

According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 128 Leases for approximately 459,803 SF of Retail space. The median lease space was 1935 SF while the average lease was for 3,592 SF. Retail leases in 2011 ranged for spaces from 500 SF to 38,068 SF. 

Regarding Retail Property Sales, KCREA reported 53 Retail Buildings sold in 2011 consisting of 291,022 SF selling for $14,289,750. The median building size was 4,200 SF while the median transaction size was $200,000. The average selling price per square foot was $50.70 and the average building size was 5,491 SF.    The average sale was for $269,618.  (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)

The largest Retail sales transaction was a 30,000 SF Building in Louisville which sold for $1,069,000. The smallest unit sold was a 718 SF unit which sold for $109,000.  The smallest transaction in terms of price was a 1,756 SF unit in the CBD which sold for $14,000.

What this says to me -

At 128 leases and 53 sales for the year, we are seeing about 2.4 leases and 1.0 sales per week. Half of the leases are for less than 1,935 SF. It is interesting to note that the Retail market is far more uniform than the Office or Industrial market.  This tells me that in 2011, there were few larger leases to dominate the statistics.   While information on the term of the leases is not provided in the KCREA stats, conversations with other brokers leads me to believe that we are continuing to have shorter term leases.   

For Retail Property Sales, more has been selling although again, mainly smaller properties at lower prices.   It is worth noting that although there were more Retail Property sales, that the total dollar amount of the Retail Sales was much less than that for either Office or Industrial properties.

Recommendations -

The figures for Retail indicate that Retail Property is continuing to struggle.   There was very little big box activity in Louisville in 2011 which you would expect when Retail Sales are down nationally.   The improvement in Retail sales in late 2011 should bode well for 2012.  If the economy continues to improve and especially locally if unemployment continues to improve, we can expect Retailers to begin to test the waters for expansion again.  

That said, it may be a while for this to happen and so my recommendations remain the same.  I would say that things are looking better.   My retail colleagues in the office tell me that December was a very good month.   Still, we continue to have a lot of inventory and downward pressure on pricing.  

Successful Landlords and Sellers will keep their properties in top condition and price them competitively. 

Notes, Disclaimers and Such -

BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential property.

ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.

Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.

Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good day.

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299

ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz

Retail Surprise at Springhurst Towne Center

It would appear that Santa came early for our friends in the Hocker Group.    The Hocker Group was until recently the owners of Springhurst Towne Center shopping center on Westport Rd, which almost everyone seems to associate primarily as the home of Tinseltown Cinema.    The Hocker Group bought this center about 2 years ago for about $42.4 Million from the Centro Properties Group, which was a Real Estate Investment Trust out of Australia which was having financial difficulties due to the world wide recession and real estate crash.   It was announced last week that the center had been sold on December 7th to the California State Teachers Retirement System for $78 Million.  

The obvious question now is, does this indicate a big turning point in retail property values in Louisville?   Since the financial crash in 2008, property values of retail properties have been hard hit.   Although this is a very encouraging sign, I am not ready to declare an end to the difficulties in the retail market.  When you look around the city, there is still a lot of vacancy and until we begin to see occupancy levels returning to pre-recession levels, I don't think we can begin to celebrate.

For our friends with leases in Springhurst Towne Center, they can expect to get a different kind of surprise next year.    Most retail leases require the tenant to pay their pro-rata share of the real estate taxes on a property.    With a sale at nearly double the price of the previous sale, they can expect those taxes to also double next year when the property is re-assessed due to the sale.  

In any case, Kudos to our friends at the Hocker Group. They obviously hit a home run with this one.

Have a great day everybody!  

BTW - If you have a real estate question or problem, give me a call.   I work with Landlords, Tenants, Buyers, Sellers and Investors.  I handle Office, Industrial, Land, Investment and Retail properties.   Heck, I can even hook you up with a residential broker if you need one.   I would love to help

ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed are my own and do not necessarily represent the views of Commonwealth Commercial Real Estate, its brokers, agents, or employees (other than me, of course).  If you have a question or a different opinion, you are welcome to express it in the comments, or give me a call.   However, you are not welcome to make inappropriate or offensive remarks.   Should I encounter any, I will exercise my right to delete them.

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

www.ccre.biz

ofc: 502-379-6005
cel: 502-905-5274

8116 Blue Lick Road Sold

My C-Store listing on 8116 Blue Lick Road, which earlier in the year was my busiest listing has sold and closed on Tuesday.     That one was a challenging listing but the more challenging they are, the more satisfying when they sell.    I believe the new owner intends to update it a little and lease it out.   

With that one sold, I have more time available for other listings.   Let me know if you need any help. 

Have a great day and stay cool!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

New C-Store Listing - 7519 Mt Washington Rd.

I have a new Convenience Store listing at 7519 Mt. Washington Rd in Louisville near the Bullitt Co line.   This property has all of the equipment in place and in good condition.     Demographics indicate an expected population growth rate in the area of nearly 18%.     

Let me know if you know of anyone who might have an interest.  

Thanks, all.  Have a great day and stay dry!

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY  40299

Louisville C-Store - My Busiest Listing - 8116 Blue Lick Rd

8116 Blue Lick Road is a former convenience store in Southern Louisville and it is presently my busiest listing.     The building is about 1950 Square Feet and it sits on about a 3/4 acre lot.  It is on Blue Lick Road about 0.1 mile off of Preston Highway and is near Jefferson Mall.    It is zoned as C-2.

Most of the callers are interested in leasing the property.  Several would like to open car lots.    Several would like to re-open the property as a C-store.   Others want to open a different kind of store.   I've had a few wanting to open a small restaurant.    

The owner however is most interested in selling the property.   She originally had the property listed at $164,000 and while we had a number of people inquiring, we have not had any written offers.   Realizing that presently the commercial real estate market is slow, the owner decided to drop the price to $130,000, hoping that would spur some of those on the fence to action.   

I have been surprised at the amount of interest in this property.    We have calls on this property all the time and LoopNet has informed me that it has been one of their top 10 listings in terms of overall activity for the Louisville market for the last several weeks.  

I have a motivated seller and a very active listing.   If anyone has an interest in buying or knows someone who does, let me know.   I would love to have this property sold.

Thanks, all.   Enjoy the basketball tourneys.

David

David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy'
Louisville, KY  40299