I am extremely pleased to announce the completion of a new lease in a building that I would consider a cornerstone of downtown Salisbury. The iconic former headquarters of the Salisbury Fire Department – which was converted into a concert and entertainment venue, known as Headquarters Live in 2014 will be the new home of the Delmarva Media Group.
An exciting renaissance is continuing in the downtown Salisbury area. Developments are underway and businesses are opening. All of this is a great sign of the economic prosperity that we are experiencing. That being said, the demand for real estate downtown has increased dramatically. Many businesses that are looking to relocate, are focusing their sights on historic downtown Salisbury to gain great exposure and get their foot in the door to be a part of the great transformation.
Sometimes all of the pieces fall into place and deals just happen to be timed right. I have been working side by side for several years with SVN Senior Advisor Tom Knopp in the marketing of an office warehouse building in the Seaford Industrial Park. The 15,000 SF building was partially leased and in great condition. It was lacking just the right tenant to help make it a viable investment.
In addition to providing my subscribers with market trends, ongoing and completed sales/leases, and relevant local news, I cannot pass up the chance to present an opportunity that could be valuable to each and every one of you. Our office has been working with a private lender who has elected to foreclose on a property where the loan has fallen into default. I was personally amazed at the quality and finishes offered at this facility. I can imagine a myriad of potential uses for this property.
After an extensive search for a new location for their successful personal training facility, Fixer Upper Fitness, has acquired an office building most recently occupied by Orkin at 724 east Main Street in Salisbury. Owners Morgan Hazel and Zac Jones will be expanding their client services in this new convenient location. They expect to be open by mid summer. I was also pleased to work with SVN Advisor Tonney Insley as well as the Bank of Delmarva, who sold the property.
Like many industries, some assignments are easier than others. In the commercial real estate industry, this holds true in that some listings are easier to close than others.
When I first listed this property, I was fairly confident the building could be sold in a reasonable time. The property offered a reasonable size, good condition, highway frontage, and visibility.
One building or property may be a myriad of different things at different points in time. It may be a restaurant one year, a retail location in later years, and ultimately end up as office space. The well known Horner Honda building was once a Chrysler dealership, then it became a motorcycle and ATV dealership and now it is transitioning into medical office space.
Just about every broker in the commercial real estate business will tell you there are ups and downs, good weeks and bad weeks, and a lot of twists and turns in the process of closing a transaction. The path to settlement is never a clear one, but that makes a completed deal seem that much rewarding when we are able to overcome obstacles.
Change is inevitable in any industry. Whether you work in the medical, service, educational, financial, or real estate field, change is something everyone deals with on a day to day basis.