Title: Exploring the Diverse World of Commercial Real Estate Properties 101
Once upon a time in the bustling world of real estate, there existed a fascinating array of properties that offered unique opportunities and experiences. These properties fell into various categories, each with its own distinct characteristics and stories to tell.
Let’s embark on a journey through these types of Commercial Real Estate (CRE) properties:
1. The Office Enclaves: Imagine a world of towering skyscrapers reaching towards the sky, small professional office buildings nestled in urban corners, and single-tenant properties that serve as business havens. From the grandeur of downtown high-rises to the intimacy of local offices, this category encompassed the entire spectrum of workspace possibilities.
2. The Industrial Labyrinths: In another part of the real estate realm, industrial spaces thrived. These spaces ranged from the flexible “Flex” or “R&D” properties to colossal office service or warehouse spaces known as “big box” properties. What set industrial spaces apart was their Clear Height – the height to the bottom of steel girders within the building. Smaller spaces boasted heights of 14 to 16 feet, while the larger ones soared to 40 feet and beyond. The type and number of docks a property had also played a vital role, ranging from Grade Level docks to semi-dock and full-dock options. Some even had Rail Spurs for train cars to load and unload, adding an extra layer of intrigue.
3. The Retail Wonderland: Along the highways and city streets, a vibrant world of retail and restaurants unfolded. Pad sites on busy roadways, single-tenant retail buildings, and quaint neighborhood shopping centers all had a story to share. Larger centers anchored by grocery stores or major retailers like Best Buy and PetSmart created bustling “power centers,” and regional and outlet malls offered a paradise for shoppers seeking diverse experiences.
4. The Multifamily Communities: High above the cityscape, the world of multifamily properties thrived. These communities included sprawling apartment complexes and towering high-rise apartment buildings. Anything larger than a fourplex was considered commercial real estate, bringing together a diverse array of residential options under this CRE umbrella.
5. The Land of Potential: In the heart of future development lay a category dedicated to land. Some properties were pristine, undeveloped land nestled in rural expanses, waiting for the touch of progress. Others were patches of opportunity within urban landscapes, known as infill land, where new dreams and structures could emerge.
6. The Miscellaneous Marvels: Lastly, there existed a category that defied definition – the catch-all realm of “Miscellaneous.” Here, one could find an eclectic mix of nonresidential properties, from the elegance of hotels to the warmth of hospitality venues. Medical spaces provided healing sanctuaries, while self-storage developments held untold secrets. This category was a treasure trove of surprises and hidden gems.
And so, in the world of commercial real estate, these diverse categories wove a tapestry of possibilities. Each type of property had its own story to tell, each with unique traits and potential for those who sought to explore their riches. With each property type, the realm of real estate expanded, offering a world of opportunities for investors, developers, and dreamers alike.