Commercial real estate transactions, including sales and purchases, are often strategically important to a company or business. Philadelphia has become a strategic location for investors from New York, as it continues to lure investors with commercial real estate opportunities. Recently brokered was the sale and financing of a 19-story office and retail building in Philadelphia. The property provides 253,732 square feet of office space and 22,723 square feet of retail space.
When developers and business owners are looking into buying a new property, it's often a very exciting time. During property acquisition, however, these developers and business owners must take care to follow all applicable laws and protocols when buying or selling a property. The owners of one Pennsylvania shopping center have recently become familiar with the process.
Commercial real estate is big business. Whether focusing on property acquisition, development or commercial leases, the potential for financial reward and return on investment is significant. However, in order to ensure that a potential deal converts into a successful investment, buyers, developers and sellers need to have a firm understanding of the market and the process of these complex transactions involving commercial real estate. Currently, areas surrounding Philadelphia are the site of what could be described as a commercial real estate boom.
Philadelphia's loss of Destination Maternity Corp. headquarters has generally been viewed by city officials as a negative turn of events. The company will take its operations to South Jersey in the fall, and the move means a loss of 600 jobs in Philadelphia.