We can make big real estate news here in Greater New Haven! Carl Russell, SIOR, CCIM, of Pearce Commercial, was featured in the most recent issue of the Society of Industrial and Office Realtors (SIOR) News. Carl sold 35,000 sf of medical office condominiums in Orange, CT. The center is called Springbrook Commons, and it was the largest office sale reported nationally in the SIOR network for the month of June.
Carl also handled the sale of a large Family Dollar Store in the same month, showing not only his versatility, but the strength of the market across sectors. While we have been focusing in this blog recently on warehouse and industrial properties, these two sales represented the retail and office portion of the current strong sales climate.
News sources reported last week that real estate was the only part of economy showing exceptional growth. We all know that Connecticut is the beneficiary of New Yorkers seeking more residential space, but it's important to note that this extends to other types of space as well. That broad performance suggests that there is somewhat general agreement that tangible property is a good investment, both for users and for investors.
This argues that we are in a seller's market, and that owners should consider listing now, even at a time of year that is normally slow (perhaps especially now, given the Northeast lull in COVID cases). While we wouldn't have expected that our sales would boom in a pandemic, nor would we have chosen such a scenario, we are all surprised at the robust nature of the current climate for real estate. Don't be left behind--this is your chance.
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